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Yes your correct ...off course there is a correlation between the price of oil and the share price of an oil company ...but if a chart points to an upwards trend over any given period of time for the share price of an oil company there is also normally a loose correlation with an upwards trend for the oil price chart as well ..unless other factors such as company debt / other issues etc...are hindering the share price growth ...This is stating the obvious but It is better for the share price to be in an upwards trend when investing rather than a downwards trend ......
You won't learn much from charts. PMO is highly correlated to oil prices. Who'd have thunk, eh?
Kilgeever,
You seem to forget the other major factor that smashed the SP of oilers around the same time and that was the price war between Saudi Arabia & Russia. Double whammy.
Actually I'll correct my own figures. Enlarging my charts shows I'm out by a fortnight though march 23rd was lockdown day announcement.
The Jan/ Feb sp figures are out but the trend is accurate enough to support point.
ii and HL seem to differ. Hmmm
Actually pmo fell from 100p on January 2nd, to about 78p a month later ( Feb 1st). By 1st March the sp was about 17p.
So the Virus seriously impacted the share price. However, it had already begun a serious decline, unrelated to national and international moves to combat the virus.
UK lockdown was not announced for yet another 22 days, on March 23rd.
Irrespective of accusations about governmental tardiness, pmo had both started and then anticipated a broader selloff
There was a serious retreat with a remote rumour of a flulike thing in China. We didn't act until three months of the year had disappeared, like pmo's value.
I'm happy to be corrected if my data is slightly out.
Cheers all.
Good Question...To be honest I could not give you a clear awnser on that but what I can say if you study the period from last August to February of this year you will see that despite the peaks and troughs the line was in an upwards trend until the sudden crash ...since March the upwards trend seems to be the same ( once again despite the peaks and troughs)but at a lower level because of the oil price drop ....when I look at the B P chart or Tullow Oil they look like they have a different pattern... However I must make clear I only have a very basic understanding off the financial situation off Premier Oil ...So I am only working on a hunch studying the pattern that the share price should be climbing over the next few months ....
Lenin,
What your SP analyses tell you about the SP for next week?
I cannot be absolutely certain.. but I think the Premier Oil Shares may get to the 60 to 70 pence range by late August //September...Why????...Because I have been studying the share price chart ...;(it's my own hard earned money so I definitely need to be doing this !!!). From early August 19 to Febuary 20 the share price was on a upwards path from 65 pence to 104 pence ...It looked like it was heading towards 150 pence....Then we had the lockdown and the oil price collapse causing the share price to collapse....There is now enough of a pattern since March to say that virtually the same pattern is repeating itself but off course because of the lower oil price just at a lower level ...In other words a reset of the pattern .The recent fall should be followed by another swing upwards if ( and that is a big if !!!) the pattern repeats the previous pattern. ..Anyone can check this pattern themselves ....Think carefully before cashing
In these shares !!!!!.