Tuesday, January 22, 2008

PTR - Head and Shoulders

PetroChina Company Limited, together with its subsidiaries, engages in petroleum and natural gas related activities in the People's Republic of China. It operates in four segments: Exploration and Production, Refining and Marketing, Chemicals and Marketing, and Natural Gas and Pipeline.

This is a nice head and shoulder if I have every seen one. The high was at 266, now we are at 140, thats almost a 50% loss!!! And we aren't even at the lows of the head and shoulder formation. The pattern predicts the stock will hit 100 soon, but given the downside action in the stock the last few months, this could be very speculative.