And producing double what range produce. Just shows how overvalued range is! Honestly where do holders get these fanciful notions that range have £6m in cash to buy assets. They can't afford the ones they own never mind distressed assets!
That is an interesting point and I am sure we will see a consolidation at some point. Listening to the news on Radio 4 this morning it seems that all is not well within OPEC as rifts are beginning to appear. Some members want to cut production as they are not happy with the Saudi tactics and frankly they dont have as deep pockets.
I've lost 66% of my initial capital in this share. It was always a speculative option but frankly I'm bored of this slide so I'm selling up .
I'm glad I made one sensible decision at the start only to invest half of what I could have.I do feel bad for those who have lost thousands and I hope your luck turns and you get something back. No doubt it will jump to 1p tomorrow, but I don't see anything changing in the near future.
As mentioned a couple of days ago the indicators were beginning to suggest a fall below my previously indicated bottom of 0.32p, with a move towards 0.25p. Having looked at the latest 7 day chart it is now looking like 0.29p after 0.32p is breached. With that in mind I will consider (given the opportunity) topping up at 0.29p. There is some downside fly in the ointment though. If the price of oil continues to fall at its current rate, all bets are off and 0.18p could well be on the cards. I am hopeful that the oil price will stabilise soon but that is nothing more than hope. All IMHO of course. NB: I may be forced to revert to 'strong sell' from 'weak sell' if the signals persist.
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