this morning with 10k and then bought another 10k 10 minutes later @410. happy enough for now. Took a punt with Tullow as well as i have made a few quid going in and out of that for the last month. bought current batch at 438. Im down about 4k. Ouch
JC15, I couldn't agree more. I thought I had a great deal when I bought 16k shares at 433 2-3 weeks ago, saw it reach 455, and then touch 410 today. Was so, so , tempted to average down when it touched 412 but didn't. The court case hanging over BP was pivotal in my avoidance of purchasing more shares. (In my case, I would have been 'All in' as they say in Poker parlance. That said, I'm sure that the next 2 weeks or so will continue to see bigger than normal swings (positive and negative) in this share and just because you think you may have missed the bottom, you probably haven't. My strategy would be make 2-3% then get out, wait till another fall, then get back in. Happy to hear others thoughts/strategy's. Good luck to all holders.
Oil long term can only trade at a price that is profitable ,this at present is above 80$ ,the present drop can only stimulate demand at the same time as discourage some production ,a lot of the shale production in usa needs over 80dollars ,I,m not expecting oil to jump back overnight or even in a month or two but the best time IMO to buy oil stocks is when the price of oil is low .the present situation could very well throw up a merger or two ,the only fly in the ointment for bp could be the court case ,not the low temporary oil price .
corlis... when you factor in the decent divs, it cannot be a bad buy of yours ( imho ) i bought in this morning btw the fearful are offering damn good prices to the greedy could drop a bit more of course but you would be lucky to call the bottom was going to buy some shell but thought bp would give me a larger percentage profit at current level.
Roadrunner is watching the sp today which seems to be stable since its drop. BP down 4.88%, Shell down 7%. History of both charts shows lower is possible. If oil hits $60 my guess is 36 - 38 for BP and 65 for Shell...... I wish it were more than a guess!
I will also wait till Monday or until we see a confirmed long term floor in the price.
I read charts but they cannot predict the fundamentals etc. Riffigo's buy at 412 could well turn out to have been a nice average down, im very tempted at mo to do likewise, but will wait to see what Monday brings, the charts are looking more optimistic.
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