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PetroChina - PTR - close: 110.60 chg: +3.00 stop: 107.49

Company Description:
PetroChina Company Limited (PetroChina) was established as a joint stock company with limited liabilities under the Company Law of the People's Republic of China (the PRC) on November 5, 1999 as part of the restructuring of China National Petroleum Corporation (CNPC). In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses. (source: company press release or website)

Why We Like It:
In spite of a sharp three-day pull back in the price of crude oil shares of PTR have remained inside its three-week trading range. Yet now that the U.S. markets are bouncing shares of PTR could be on the verge of a breakout. If the markets do see some follow through higher on today's gains then we want to be ready to catch the breakout in PTR. Thus we're suggesting a trigger to buy calls at $111.55. If triggered our immediate target will be the $119.50-120.00 range. The Point & Figure chart is pretty bullish with a quadruple-top breakout buy signal with a $139 target. We do not want to hold over the mid August earnings report.

Suggested Options:
We are suggesting the August calls. You need to choose which strike(s) is best suited for your trading style.

BUY CALL AUG 110.00 PTR-HB open interest=288 current ask $5.00
BUY CALL AUG 115.00 PTR-HC open interest=243 current ask $2.70

Picked on July xx at $xxx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/16/06 (unconfirmed)
Average Daily Volume = 708 thousand
 

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