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Key insiders in Renegade Petroleum Ltd. (OTCPK:RPTTF) 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.

Source: Key Insiders Trimming Their Position In Renegade Petroleum