OMNI Energy Services Corp

OMNI Energy Services has been a nice little performer for me. I first featured this to Subscribers for March 9th in which I said this:

The second pick, OMNI, is a base breakout play after the company reported earnings during Thursday's afternoon trading. Patient buyers can probably get fills on a back test of $9.50. There was improvement in the supporting technical picture with a resistance breakout in on-balance-volume and a bullish cross in trend strength which also inched a new reaction high [+DI > -DI; ADX < 20 and rising = weak bullish]. Key resistance lurks at $11.51. For a price target I have opted for a measured move forward. The weekly chart shows a consolidation triangle with resistance around $11. The stock has in 2007 seen the first major test of the 40-week MA since the summer of 2005 (and a brief touch in the fall of 2006), how buyers behave here will say alot about the long term prospects for the stock.

I then added it to my Collective2 portfolio on May 1st at $9.70 with an initial $9.14 stop - since raised to $9.79.



The company then went on to raise guidance today which brought another surge in buying. If this demand can hold into the end-of-month will trigger a significant breakout in the monthly chart and a new revised upside target:



A measly 16.3 M float and a P/E below the industry average should deliver a strong performance - will the market let it???



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