ASX: RMP - Red Emperor Resources

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Just my thoughts on RMP . Might be worth a look. As always see what your own charting says. I'm just guessing :)

If you see something different - please do comment.

Bought today at 0.063
I see support at: 0.061
I set a falling sell at: 0.06 to trigger down to a worst case 0.058 sell.
I'm long momentum trading so I don't set a profit target. I just wait until the trend / momentum looks like it is ending.
Will switch to a 15% trailing sell to ride the trend once its up around 5-10% or sell.
If it spikes > 10-20% in a single day then I tend to put a new falling sell up close at new support levels to keep any profit.

Red Emperor Resources NL is engaged in oil and gas exploration. The Company's principal activities are focused on identifying and exploring oil and gas in South East Asia and the Republic of Georgia. Its segments include Georgian Exploration & Evaluation; Philippines Exploration & Evaluation and Treasury. The Company has projects located in South East Asia and Georgia. The Company in South East Asia has entered into a Farmin Agreement with Otto Energy Philippines Inc. to farm into the prospective offshore Philippines Block, Service Contract 55 (SC55). Its SC55 is located in the southwest Palawan Basin and covers an area of approximately 9,880 square kilometers. Its Georgia project is located in the Republic of Georgia and covers an area of approximately 6,500 square kilometers. Its Philippines operations include Hawkeye-1 exploration well, which is drilled to the depth of approximately 2,920 meters with the reservoir intersected at approximately 2,710 meters.
Comment: Ive been out of this stock for a long time, but has had some good steady recent price action so worth a watch.

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