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Parker Drilling Co. Message Board

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  • TPSSJC TPSSJC May 26, 1999 4:21 PM Flag

    PKD & NYMEX

    I see the H&S formation, but you don't think that
    this will cross above the 4 level? Reason why I ask is
    that the 200ma simple is currently at 4. May trigger
    some buying?

    This is my first time, trading
    this sector. Do the well known Moving Avg's work well
    with this sector? Like the 50,100,200?

    Thanks.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • It is not a very clear picture of H&S of the PKD
      chart. However on the NYMEX chart it is definitely more
      defined. I personnally would use the NYMEX to
      guage/correlate the right shoulder heighth for PKD. I do not know
      of anything that would not apply to PKD or the NYMEX
      when it comes to TA, moving averages, stochastics,
      MACD, etc.. About PKD crossing 4, I don't have an
      opinion one way or another with regard to the H&S
      pattern.
      Good luck. ezgreen

      • 1 Reply to ezgreen
      • I dont believe that TA has any particular use in
        this and other small caps. Take todays trading as an
        example.
        From 12 oclock on the bid/ask was 3 1/16-3 1/8 with a
        bid ask size of 100,000-20,000. The trading from that
        point, was so curious that I followed it closely for the
        remainder of the day just to see what was up.
        With the
        exception of 2 small sales at 1/16, every transaction was a
        buy at 3 1/8. The chart was a flat line. While these
        buy transactions were small (less than 5,000) they
        still added up to 50,000+ shares by 3:30.
        Oddly
        there were no large trades, and despite turning over
        50,000 shares, the ask size did not budge by even a
        single share.
        This meant that the specialist was
        selling (short) shares from his account every time a buy
        went in.
        Then at 3:40 the bid size popped up to
        150,000 and instantly a 50,000 share sell came in to chew
        up the excess.
        After that sale (the specialist
        had a nice day) trading resumed as normal. Every
        purchase resulted in a drop in ask size and the large
        orders suddenly reappeared to send the price up. At the
        close the ask was up to 3 1/4.
        What this tells me is
        that the 50,000 share sell was phoned in early; the
        specialist was ALLOWED to accumulate a short position
        KNOWING that all the large buyers would not mess up the
        plan by sending up the price until AFTER the
        specialist grabbed his profit.
        To summarize; the price
        action today was clearly manipulated and obviously by
        only a few people. How can you evaluate that with a
        chart?

 
PKD
6.28+0.06(+0.96%)Aug 29 4:01 PMEDT

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