Key insiders in Renegade Petroleum Ltd. (RPTTF.PK) have been significantly trimming their position. According to regulatory filings, those who held more than 3% in the Canadian oil producer's shares have been selling about 20%-28% of their position.
Insider | As of December, 2011 | As of February, 2012 | Change |
Elliott International Capital Advisors Inc. | 7,457,685 | 5,981,535 | -19.8% |
Singer, Paul Elliott | 4,466,415 | 3,202,865 | -28.3% |
Investors should take note as a pullback might be coming (not discounting an attack on Iran). As the chart below illustrates, the stock has had quite a ride since early October of last year, appreciating about 120%.
In addition, sentiment is running high - another sign to cash in. As the RSI shows, sentiment pushed the stock to overpriced levels breaking the 70 level.
Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in RPTTF.PK over the next 72 hours.
