I reported weeks ago on here that investtech.com had 55.25p as a support level.
I posted a chart on here weeks ago showing a rectangle formation on the LOGP chart. The sp was in a rectangle formation between 55p and 65p. I said that a breakout of that rectangle formation possibly indicated the future direction of the LOGP. I said that 45p was the likely target if the rectangle was broken downwards.
However I haven't sold my LOGP shares. Why not? sp predictions based on chart patterns are often wrong. I said I don't believe the sp will go down to 45p. The fundamentals for LOGP are excellent, IMO. That's why I have ignored my charts!!!!!!
Go to Specsavers, matey, and then re-read my posts. I've been consistent in all my posts. I've also said that the MOST IMPORTANT CHART INDICATOR IS VOLUME and the LOGP sp has been drifting down on very low volume because of the lack of an update.
NEWS DRIVES SHARE PRICES, NOT CHARTS. Though sometimes they can be useful if you know how to read the signs.
you said 55, then it sat at 54, but apparently thats close to 55 so you were right, now your saying your right because its at 53 and its broken through and now you say it might go to 50 or 45, can you hear yourself?
Tpet have p90 reserves of 167mmbls, not sure if this is correct but its over 150. Obviously it needs to be proven, they are very similar to char( lots of oil that needed to be proven, look at how much they rose but unfortunately dropped on a duster, this is why i intend to sell up when they start drilling and are awaiting results. What i like about tpet is they have 2 potential farm out deals one in Morocco (hot at the moment for oil companies) and Australia. one of their fields in Australia has been drilled in the 80's and produced over 700bopd. they have already had a farm out offer which was rejected by the bod which suggests to me there is interest and they are looking for the best deal. They also mentioned that they have multi billion dollar companies in their data room. I think 70-80p is realistic once they start drilling.I know that oilbuy recently bought in and he is very good when it comes to TA. gl
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