CEO (CNOOC) (CEO, rated SELL)

August 29, 2008

An upswing to retest $158 made yesterday (Aug. 27, 2008) is probable. But after that a down swing to $146 is expected. Therefore, this is a bearish quick trade of about $8 to $12 in expected profit, depending on where you short it.

It is likely that CEO will dip below $146 to about $145 or somewhat lower. However, I’ll be conservative and simply be satisfied with the bulk of the short-term swing, and leave a little on the table.

To be fair, I also consulted the forecast for CEO provided by ForecastS.com, but the extra interpretation and the target price are based on my own review of the price chart for CEO. Note that there was a price gap on 8-27-2008 and I expect that to be filled.

Note this is very short-term trading and I expect the target to be met within a week or less, even though I picked two-week time frame (the shortest selection available).

CEO (CNOOC) (CEO, rated SELL)

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