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I've posted some of my more punchy thoughts on PO&G on the Trin.l board recently Kalan .. I'll not annoy others here by pasting/reposting them again here (Trin is another one where I'm trying to average down again and again to get out of a - smallish so far at least, in fairness - hole .. story of my recent life in AIM O&G - producers -sadly.)
(Altogether, my biggest concern is even if PO&G does go back up, the stocks will not follow it up from current, seemingly, very low s/p levels anything like as much as they should 'by rights' do; as happened in 2018.. that's not to say they wont go up a bit, but up a bit at this stage is awful for most long termers alas.. nightmare scenario: lose, on PO&G down or up... but who knows what the future holds and everyone is indeed entitled to their own opinion ..)
Just offered me 22.25p to sell and 22.75p to buy - the cheeky monkeys.
MacD just crossed over on daily and RSI daily has risen a bit - looking better for 22.25 ish being the bottom - no certainties though in charting - especially from this amateur.
Not an expert on oil and gas sector Michu - I have read a bit recently - it looks like they are predicting peak oil demand to be in 2030 so the industry ain't dead yet. Trump is a big factor I think in the short to medium term - if, as I suspect - he is manipulating the China trade talks to suit his re-election push then this will be very positive for oil and base metals IMO .
Looks like a fair bit of panic by PI's here - hope the old adage that PI's sell at the bottom and buy at the top holds true - very difficult to set your emotions to one side and hold or buy when others are jumping ship and sell when everyone is bullish - at a critical point right now IMO- a few brave souls have bought - they deserve some reward IMO.
much appreciated Kalan... I'm - fairly - calm here too.. but what I'm witnessing happening in AIM O&G sector widely, given my overall exposure, is starting to significantly unnerve me, in fairness. (Getting cashed out of Amerisur soon would be a good start to a likely wider unwind for me at least)
Hi NicetoMichu - the indicators are mixed but it's starting to look oversold - expected the drop to 25p but gone lower obv.
At 22.25p we hit the 50% retracement from recent highs - in other words above this point we are still in a rising trend but we have undergone a correction on the phenomenal rise we recently had (I know it doesn't feel like it if you have been in a long time). The 200 day moving average is at 22.5 and the sp has bounced off this line with a double dip quite recently - so you could say we are re-testing the 200 day moving average before moving back upwards again.
I think MacD will give us the signal for the turn around and I will keep my eye on it.
Backstop at 19.75p IMO but I am hopeful that the 200 day moving average will be the support here - in the real world - there is obviously great uncertainty with shares being issued tomorrow and big trades being made as folks re-position - got a bit of cash left myself but in here quite heavily for me - somehow I feel remarkably calm and I think Knotty will be tomorrow as well - long term trend still up IMO (just) and looking for the signal that support has held at 22.5p or 22.25p - might wait for the phone in before I add though.
What's your latest chart view on this now Kalan please ?
As already mentioned I'd only top up here under 20p now.. so I had assumed I'd not be topping up again .. assumption is the mother of all f+ck ups though.
Generally, I'm shocked by this decline from 27 odd p to 23 p - so far - but I'm so numbed by falls in many names across the sector that I now just try to forget about the short term and HOPE for the best in the medium term. This is about my highest medium term hope now, in fairness.. not least as even though I'm now generally mildly medium term bearish PO&G, as has been kindly pointed out to me on this BB (by agadem I think, apols if someone else though ); SAVP has a broadly captive market where favourable monopolistic pricing can still be achieved.
Does the price paid of the 25m shares next week depend on the price around the time they are issued?
If so, someone could be deliberately manipulating the share downwards.
Just a thought