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139-140 should be where we stabalise, I've entered and think 139 is where we fightback as test on the 5 year lows. Quick move up to 150 in a few days. After that it w kmill either be upto 180 or lower down to maybe 120...for now I think a good chance of an oversold bounce but I'll bail if we close below 135.
MRD Good luck with that strategy. I have made two buys and now have 150p average and will not go digging into a deeper hole. I am content to hold six months and just see what happens. If China and USA can do a part 1 deal that is likely to help both countries than oil prices edge up to $63 a barrel on Brent for 2020. If they don't it is bad news everywhere and having cash at hand is useful.
Every 1p drop il add 5k. All the way down to 100p.
Dig deep I have. iis can have them back at 200p. So up yours MMS and iis.
Yes I was wondering if shorts had increased.
Sensible Mrd, bit at a time.
Hoping this turns around soon, utterly bonkers...SIck of oilies.
In two weeks from the 217p price $1.4B in value has been taken from the company. What has changed is a loss of $50M cash flow on the year which is to be repaired next year. A lot of oil is hedged for sale. Only one of the two wells was offering decent pay back before sulphur content was measured. They have another 20 prospects in the block and the seismology data on the model is more confident. A retreat was justified but I wonder how long and deep they want to discount the price.
Decided to double up 5k increments from 120 to 138p. Total added will be 260k if they drop it lower an lower.
Going in 5k at a time. To spread risk. Another 3583 added.
I wonder what the short position is here?
Haha , Leem I agree, totally insane reaction also is the sulphur content definitely so high this oil won't be pumped?
Didnt let me get 138p il wait
This is getting ridiculous now what is this a 38% drop on a find that added 10% on the price at the time?
let the battle commence. gla
This is either still way overpriced or the likes of PMO, Enq and the other mid cap oillies are way underpriced ..... which is it
I think mrd, you have some balls on you!
And you are right about tlw, its seen worse than this. Going to buy first load today if it drops under 140.
I cant reduce it unles I double my holding. And to double it id need to put in another 265k and hold it indefinitely. If I cant sleep very well on my first purchase how will I sleep with all that in. So im telling myself just bunker down. I done it before. You just wait out the storm. And suddenly 3-4 months down the line the suns shining and tullows back in the 180s. And if its not then wait another few months eventually somewhere along the line that elusive 200p will come again.
Good luck MrD . I reduced my avg to 1.58 and thought that was decent.
I've managed to get 50gs together its going in around 135p if it comes. Id rather not put it in. But thats not staying till 200p. That will be sold at 155/160p.! I started off with my first buy at 174. Within 10 mins it kept dropping. I managed 168p ffs. I couldnt wait a bloody hour. I cant even average down properly. Id need to double my holding to bring my average in the 150s.
Oil always drops before opec meeting. Its to convince everyone to play ball. I dont know whose doing this convincing though drop till dec 6th. Then rise back to $65
Massive API buid: 5.954 vs -0.5 last week
Brend oil dropping fast and will be back to 60 or lower :(
If Trump do not sign any trade agreement with China my best guess brent will drop to 50 or less (Tullow 110- 120p)
If he will sign a trade deal, brent will be 65-67and Tullow 175-180p)!!!
I think I will be in another ambulance behind you :)
I wish I was losing £300 a day. My losses are so f in high now..... lets just say it goes to 100p and then finally bounces. That way we dont end up having heart attack when it does. At 100p il be in hospital in intensive care. Might not live to see the bounce.
Major boy I love your confidence but the way this shares going atm I'm losing £300 a day. Wheres the frigging bottom??
This will bounce back up by the end of the month - in the meantime i'm buying in at 135.
downbutnotout,
How long have you been doing this..you know its normal.