Stock Chart Analysis OMNI

Posted by downtowntrader | 5/10/2007 10:41:00 PM | 0 comments »

Stock Chart Analysis OMNI

OMNI Energy Services Corp. (Public, NASDAQ:OMNI)

OMNI has been trading in a huge triangle for the better part of a year. The trading range has been narrowing as it consolidates and gets ready for it's next move. In more recent action, OMNI has been pulling back in a corrective fashion and attempted to break out today after posting earnings. It appears that OMNI was held back today by the extreme weakness in the stock markets and the pullback oil and oil services stocks. While oil service stocks may due further consolidation, OMNI is in a good spot here if it can get follow through. At worst, it warrants following for a few days to weeks, as it could be getting ready to embark on a new trend higher.

Good Trading,