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Today, Megellan Petroleum announced that it has appointed William H. Hastings as its new President and CEO. Daniel J. Samela has resigned as Acting President and CEO and will assum the roles of CFO, Chief Accounting Officer and Treasurer. The company also announced changes to its Board of Directors. Walter McCann, Magellan’s Chairman of the Board, stated, “Magellan’s Board is very pleased to have Bill Hastings assume the positions of President and CEO. Bill brings more than twenty-seven years of proven experience in the successful development of oil and natural gas reserves and also in the management of commercial gas operations, both in the U.S. and overseas, for Marathon Oil Company and other energy concerns.” “Magellan’s acquisition of a 100% interest in our Magellan Petroleum Australia (MPAL) subsidiary two years ago was a major milestone in our Company’s history. We now look to Bill to lead Magellan’s diversification and to build[More...]
UP
Silverstar Hldgs Ltd
(SSTR) China Architectural Engr Inc
(CAEI) Potash Corporation of Saskatchewan Inc.
(POT) Pengrowth Energy Trust
(PGH) Netapp Inc
(NTAP)
DOWN
Magellan Petroleum Corporation
(MPET) Quantum Fuel Sys Tech Worldw
(QTWW) IndyMac Bancorp Inc
(IMB) Banco Santander Sa
(STD) Walt Disney Company
(DIS)
Last Saturday I posted some stocks I would be watching for Potential trend trades those stocks are in the table below. As much as I liked some of the setups, I did not expect the group to do as well as they did. The average stock on the list gained over 8
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Technical Analysis: The best that we can spin the MPET story is that the short-term downtrend (A) has been broken and MPET should enter a period of consolidation between support (C) above $0.80 and resistance (B) at $1.25. Do not buy until resistance (B) is broken and do not be surprised if another test of support (C) fails.
Technical Analysis: The MPET downtrend (A) just broke major support (B) at $1.00. Do not try and guess where the bottom is for MPET. Stand clear and wait for the dust to settle.
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