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www.stockhouse.com/bullboards/viewmessage.asp Since Good40 and Gimperial Wolf have such a hard time figuring out where Oilexco is going, I thought I might help them out. A very fun week for us - UP UP and AWAY. Didnt end as strong as I would like, but all and all it was a beauty. Anyways, here are my thoughts on the technicals.
For a start, lets look at this week - The following graph shows the week broken out in half hour increments. A weak start on Monday morning, with strength coming in the afternoon. Then a beautiful run, new highs on Wednesday and Thursday. Friday was kinda weak, we are currently oversold. I would (sorry to say) expect some weakness on Monday as well - possibly a great entry as low as $14.00 based on the longer term charts below. If we can move on some strength through 14.65 or so, then it signals the uptrend is back on.
So, lets take a look at daily picture for the last three months. The chart is below. Currently looks overbought, but still in a very strong position in that we are well above the moving average and the parabolic SAR is still well in the buy zone. The interesting thing is we look like we have just finished the second up-wave of the so-called Elliot Wave.
The interpretation of the Elliott Wave Theory is as follows: Every action is followed by a reaction.
There are five waves in the direction of the main trend followed by three corrective waves (a "5-3" move).
A 5-3 move completes a cycle.
This 5-3 move then becomes two subdivisions of the next higher 5-3 wave.
The underlying 5-3 pattern remains constant, though the time span of each may vary. In the Oilexco chart I have labelled 1, 2 and 3 below. It suggest a re-trace then a run to $16.50 or so.
 Elliot waves are interesting (by the way , you can read about them at http://www.investopedia.com/articles/technical/111401.asp ). If you look at the yearly chart for Oilexco (1 week intervals) you see what looks like a very similar pattern emerging. We were in a shallow uptrend, then we broke out of that trend to the upside. Through Phase 1, Phase 2 and into Phase 3 of the Elliot Wave. Target for Phase 3 is at least $17-18 - maybe higher but certainly not lower. Then an even bigger run up in Phase 5. 
All of this bullishness is fully supported by the point and figure chart shown below. Even Stockcharts identifies it as a bullish breakout. 
SO, all in all Oilexco looks like it may have a bit of a retracement in an overall very bullish trend. It would have to drop below 13 for the trend to be broken. Supporting this is a very bullish chart for West Texas Intermediate. Again, Elliot wave behaviour is shown and we are in the early stages of Good Times. Here is to a great week next week and a strong run all the way to Christmas. 
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