Key insiders in Renegade Petroleum Ltd. (OTC: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.
As of December, 2011
As of February, 2012
Elliott International Capital Advisors Inc.
Singer, Paul Elliott
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 OTC:RPTTF over the next 72 hours.