Member Info for BareNeccessities

If the market avoids another wobbly for the rest of week, we could test $44. That's a huge 'if'mind!

It was an Uncrossing Trade. Neither a buy, or a sell.

Directive - I won't be either. I am in heavy here, so 50p would be a nice shot in the arm!

We are not in normal trading patterns/times - you only need to look at the carnage the last 6 months to realise that many stocks are reacting in unison with the FTSE movements. It's not difficult to spot, in fact it's become all to predictable. In normal times I would tend to agree with you, but the way stocks are trading right now we are far from normal.

Be realistic - I'd love this to hit 50p by the end of the week, but in all likelihood it won't. FTSE needs to be much closer to 6,350(ish) for it to have a chance. Buys can outweigh sells all they like, but until the FTSE settles, the MMs let this go, or ESS news lands, this will probably remain stuck in treacle somewhat.

Many shale producers cannot come back online with oil at this level. Even $50 dollars is not enough for most of them. So not good news for them, but good news for off-shore brent producers (us).

S.A say they don't want to crush the shale industry, but jury is out there imo!

So, $100 could well be possible the longer shale producers are offline, as this leads to less global production. When you add greater demand to this equation as more countries come back online, as and well as less oil being produced, there could easily be a squeeze in oil price. So $100 certainly not out of the question, but a lot of things have to align for that to happen.

We've come a long way since Feb, and so far everything on the list of changes the company intended to make have either been achieved, or are on schedule.

Those who have been in this stock long enough know it can be volatile, but what I'm most pleased about is that we are seeing higher lows. You only have to look at the last 6 months chart to see that the overall trajectory is up. I know we had that 38p spike, and have also hit boggy patches in the 24-26p range (which has since been replaced by the now 30-32p range). As the old adage goes - nothing moves in a straight line. I'd much rather be held at this range for a few more weeks rather than be in PMO and see it fall from 53p to 40p and still falling.

POO is still yet to find a firm footing, but I believe that $40 is the floor. The hardest part of the oil recovery will be breaching and staying above $45. If this goes, then I believe $50 may soon follow. There is a lot more commuting happening now all over the world and in all forms of transport - India in an article I read this week are almost back at pre-Covid demand levels. SA and the US want higher oil prices, and I'm sure OPEC will keep the progress well on track - we may even get surprised by the next meeting with additional cuts or extensions.

The next few weeks will be pivotal here. Still well undervalued at these levels and we have a lot of ground to make up, and at sub 30p it surely has to be a strong buy.

Great little find that, Davstock - very interesting.

As for all the 'Debbie Downers' on here - great opp here at sub 30. Easy 6-7% very short term gain.

GL all.

Udding, if shorts are reducing they'd be buying back, so would make the price go up if anything.

Ignore the broker report, Darren. They are all snakes that write them.

Can't see a 15%+ gain here today myself. A lot of what is going to be announced today by Rushi has been leaked, and already been factored in across the markets I expect.

Saying that, we know this share can do 15% in a day, so never say never.

We seem to be flirting with the minor support level at 39.77p. So far we have bounced off this level and back into the 40s, but feel it won't take much to breach this.

Just not enough volume or buying pressure atm.

OIL MARKET: @EIAgov flags a massive shift in global crude markets, swinging from an oversupply of 21m b/d in April to a deficit in June. Globally, according to the EIA, crude stocks are already shrinking (slowly and from a very high level) | #OOTT https://t.co/4iXnshxvO4

You first 3 posts on 3 separate shares.....and all unashamedly ramping.

Why will this hit 65p by the end of July? Anything to support this value?

....that the FTSE is totally bipolar. It is moving like an AIM share on an almost daily basis it seems, and +/- 100 points seems the new norm.

Markets across the board seem totally f@.cked atm. Anyway....onwards an upwards, or should that be onwards and backwards? Lol.

I'd imagine this will have reversed by the time it updates tomorrow. That's if today's price action is in fact shorts buying back.

Could be a short starting to close, a rumour of what's to come next week, beginning of a re-rate, sentiment, or purely a bull trap.

Take your pick! ;)

....perhaps?

Be nice to see a 2-3p increase holding in the run up to next Wed, then hopefully if all is well going into Aug (inc POO further increasing from here) - then I don't think 40p is out of the question here at all, especially as we have a lot of ground to make up from where we are now.

Have to agree Dav - we need some news to get things moving here.

Still remain very confident in this stock and my target is still £1 - but it is definitely a little tedious here atm.

I'm sure we will be well on our way this time next month SP-wise, and oil should be above $45 (not that POO seems to make a difference here atm I might add!).