What are you going on about? The 55.25p was the SUPPORT level given by investtech.com not me. I quoted investtech.com that's all.
The rectangle I drew on the LOGP was MY interpretation. I posted charts that showed the rectangle with a support line at 55p and a resistance line at 65p. I stated, when I posted the charts that a break below support or a break above resistance would give the future direction of LOGP. The target would be 45p for a break below or 75p for a break above. In both cases the target sp would be + or - the height of the rectangle. Ideally that break up or down would be accompanied by an increase in volume. That hasn't happened.
When the sp dropped below the 55p support line of my rectangle pattern I said I wasn't selling because the volume wasn't high. And anyway you should always give up to a 3% margin of error when making chart calls.
However my rectangle pattern has proved to be CORRECT!! The sp has continued to decline albeit on very low volume. That convinces me that my 45p target will not be met.
Firstly, I have to admit to selling LOGP a few days ago at circa 54p. Why say I sold? No deramp from me just honesty that I'd become impatient. That's funny from a man holding SAR and MTA but there you go lol.
fwiw LOGP are now on my radar whereas before - they weren't.
To your specific question - PCI.
I know nothing about them and I'm not invested in them, so I assume you may be asking about my chart interpretation? I'm flattered but you know I'm far from expert lol ( as LOGP has proven).
there will be all sorts of shorter term patterns but this chart shows imo that while the resistance levels may fluctuate wildly, the support levels seem fairly consistent.
The current sp appears to have rallied upwards from a new support but come upon or around the long term resistance.
When this last happened around 2009, the support proved to be more powerful than the long term resistance and the sp rose to circa 18p. NOTE that when this happened, the sp wasnt far below the current sp.
As you note, the sp has broken above the upper band.
Your choice, but the good news you've had, could well take the sp up from here - and significantly up!
The chart suggests that the sp is currently AT or around the longer term resistance. But I think history may repeat itself and see the shorter term support beat the longer term resistance once again. If it does, the sp could rise well from here but it would take time and is not a very short term punt imo - you'd need to wait months not weeks for a good return.
It's only my own opinion anyway and the others will no doubt have other views.
So if the SP was now 40, you would of said you were right - a breakout down from the rectangle. if the SP was 55, you would be right because of the support you mentioned, if the SP was 54 still you would be right because that is 'circa 55'. 53 you are right too because its lower than 55 and thats the direction it broke out? and if it was 70 you were right because you picked this stock as a winner? If the price was 60 then it would of bounced back into the rectangle and you be right? is there any price that it could be now that would make you wrong?
I use charts as much as the next guy and I generally appreciate reading your posts but if your going to start making ' i was right' posts im going to call you on it.
today there were 2 rns 1st Appointment of Joint Corporate Broker
Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, is pleased to announce the appointment of HSBC as joint corporate broker effective immediately. HSBC will act as joint corporate broker to Petroceltic with Bank of America Merrill Lynch and Davy. Davy will continue to act as nominated adviser to Petroceltic.
The Company has today received a notification from Worldview EHS International Master Fund and Worldview Special Situations Fund, stating that the Worldview EHS International Master Fund and Worldview Special Situations Fund together have an interest in 185,909,028 ordinary shares which represents 4.24% per cent* of the Company's issued ordinary share capital.
* This percentage shareholding is based on a shares in issue figure of 4,388,435,134 ordinary shares.
So what do you think? Will she take off? Is she worth a small punt? I am off to Mexico on Saturday so early responses please.
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