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Should read "...show a change in trend direction...". Apologies have been up most of the night and am being powered by umpteen coffees!!!
P.s I am talking specifically about Oriole NOT the sector itself which has little bearing on Oriole's SP.
@share12345 - I'm not sure which chart you are looking at whether weekly,daily etc but I'm not seeing anything that indicates it's "...about to turn...". The weekly chart shows that the stock is in downtrend and that the stochastic is heading down. For those of you unfamiliar with the stochastic indicator it can show a direction in trend change - but this isn't at the moment. The RSI is heading sideways and although the MACD is showing ORR is oversold that does not mean it will start going up any time soon. May I suggest that charts are of little use when dealing with a small news driven exploration company like this as the SP will stay right where it is without spectacularly positive news. I think it was back in July (possibly June) that I posted that good news will not move the dial much anymore and that every small spike would be sold into - do you know what's changed since then share12345? NOTHING! I hope for the sake of many here that "spectacular" news will eventually arrive but, if I were you, I would prepare for a long long wait. Hope this helps.
if this is "news leak" then we can expect an RNS Monday or Tuesday , we'll see. TM only my opinion but now would not seem like the right time to sell shares (the opposite in fact!). If we are in for some good news (and many think we are) then adding to what you have in anticipation would be the wiser move. I think that is what we have seen today, people doing just that. The rise could not have only been about the rise in the copper price as it went up yesterday and the SP of PXC actually went down! I maybe wrong but I think that todays rise is about something else.
Should read "......in a news vacuum suddenly rises just before..."
It always raises eyebrows with me (and other no doubt) when a stock that has wallowed in a news vacuum just before impending news is to drop. Is this due to "news leak" or am I putting 2+2 together and getting 34? We will soon know I suppose and I'm certainly not complaining about today's rise!
DHBM - In a word NO! If you actually read the update that we got on the 23rd it states very clearly:-
" Geophysical Ground Magnetic Surveys ("EM Survey") on Red Star, Horseshoe and Navarre Creek have been completed, final report imminent, following which drilling programmes will commence"
That was over 3 weeks ago now! "imminent" IS a subjective term but I'm pretty sure after 3 weeks that they don't have the same definition as I do! I have many irons in the fire so I am not solely invested in PXC as some of the less experienced people are but still it would be nice of the company to keep us in the loop!
DHBM - Phoenix informed the market/shareholders that the results would be forthcoming by the end of September - that has not happened. The market could easily be informed of the new timeline. Patience has nothing to do with it!
An RNS updating us on probable timescale of news release would be helpful.
Good posts RightOn, very informative.
Troajan,I do want to add a caveat to my post as, although I am expecting global bounce back (as is everybody else I think) next year, there may be a major market correction before that happens. Leaving 20% of your PF in cash may not be a bad thing as market corrections are perfect opportunities for "top-ups".
P.s take a look at PXC as there is major news on the way and THAT one may blow soon! Really interesting posts from poster "righton" about PI meeting he attended.
Hi Troajan (and guys), technically gold has been in uptrend since the week beginning 3rd December 2018. It peeked in the week beginning 3rd August last year and has effectively traded in a slowly descending range but we are still in uptrend "officially"!!! The present situation in the US is still affected by covid (where isn't right now?) but this "financial churn" is coming to an end as more people are getting vaccinated (perhaps not the Republicans!!!). I expect things to be pretty much back to normal by spring of next year as the world has come up with covid "work arounds" and the vulnerable are protected. I expect the "energy minerals" AND "non-energy minerals" sectors to move up strongly next year with the entire market. I said a few months ago that I thought that once we get to the tipping point with covid globally we would see a very strong bull market form very quickly followed by the next "roaring 20's" (2020's just like the 1920's). The UK economy will struggle comparatively as we have other headwinds to contend with (fallout from Brexit & energy crisis) but as many of the FTSE companies ply their trade abroad the market here will still do OK. The US is where the real movement will be though which is why I have positioned my portfolio accordingly. We will see!
I've never been good waiting for news/reports/results etc ! It's a bit like being a kid again waiting for christmas to come! The good thing is that EVENTUALLY it does so - patience required!
I agree with both of you and have bought back into PXC this morning. Very excited about the pending news and the effect it will have on the SP. GLA
T - you are right about some sectors of the UK markets being cheap right now as the entire financial world avoided the UK while the whole Brexit argument was going on. The argument has been settled (for now!) but still the Uk is not the #1 investment target of the financial world as we are seen as "eccentric nationalistic rubes intent on self harm" as one person put it and no longer the "Gateway to Europe". The Brexiters entire argument was that regaining sovereignty was more important than the inevitable shrinking of our economy but if sovereignty was so important why was Liz Truss (who up until she was made FM last week was minister for international trade) engaged in signing the UK up to the trans-Pacific trading bloc and Johnson now trying to sign us up to NAFTA. We are going to lose even more sovereignty than we did with the EU!!! Their argument was a lot of hot air and consisted of one lie after another and,unfortunately our great nation is going to be flushed down the toilet thanks to these "little Englanders". Sorry Troajan but I took my car to get serviced this morning and met one of those clueless bloody brexiters that will be the complete trashing of this country - makes my blood boil! (rant well and truly over - sorry!)
Troajan,our markets are weighed down by too many negative factors just atm and it isn't going to get much better anytime soon. In fact things are just beginning to get bad - it's going to get a whole lot worse before it gets better! It won't always be that way, of course,but it IS right now and the UK isn't in the richest trading bloc in the world anymore - we're on our own! The energy crisis won't affect the USA much but it WILL hit us hard. Taken in isolation the effects of Brexit,Corons or the energy crisis wouldn't hurt us too bad but altogether at the same time?
Like most people I have regularly viewed which sectors are dominant and then looked to see which stocks are outperforming in those sectors. TradingView have a good page for this:
https://www.tradingview.com/markets/stocks-usa/sectorandindustry-sector/
Like you (no doubt) I have built up a whole list of "rules" I have printed off and stuck to the "trading wall" in my office that I have learned thru previous f**k ups. The one I have been guided by lately is:- "When the entire market is volatile don't stay too long in the trade". I will still have long-term holds in my PF but they will be overseas ones not UK ones for the foreseeable future!
0.40-0.45 does seem to be a bottom,Troajan. I think that if we were going to head lower (down to 0.30 for example) the news of the placing might have pushed us down to that mark but it did not. It is very risky calling the bottom with this stock but,if I had to guess,I would say that if we aren't there now we can defo see it from here!!!
O&G sector is great right now (I am overweight this sector - bought COP shares yesterday @$61 and they're about £63 as we speak). I have adjusted my investment view and have exited almost all of my UK stocks and re-invested in american ones as our economy is in the toilet (three pronged attack by Brexit,covid and now energy crisis).
should read - "... but next time you will have over £3,000 to buy the next dip..."
At the risk of being pelted by rampers I would like to say a few words here that may help some of you. A couple of months ago I emailed Leathal and helped him with a "rescue strategy" that I use whenever I find that I have bought into a company at exactly the wrong moment only to watch (in horror) as the SP sinks by 20%-30%. If I reckon that the SP may recover I give it a little time but if this is truly a "trend direction change" I employ the following strategy.
On the next spike I sell 10% of my shares - I will take a hit but only to the shares I sell. I add any money I have spare to this "freed up" cash (let's say £600 for sake of argument) and then buy back in once the SP has sunk back to the bottom (it is very important to do all this ONLY if a bottom has been reached). You wait until the next spike and then sell NOT ONLY THE NUMBER OF SHARES YOU HAVE JUST TOPPED UP BUT, LET'S SAY 5% OF THE 90% YOU KEPT HOLD OF (example below). You have now reduced you position size by 15% but you don't stop there - you repeat this action but next time you will have
ie £20,000 @£1.00 per share bought =20,000 shares
SP drops by 60% but spikes to 70p before dropping back to 60p
10% of shares sold = 2,000 shares @70p on spike = £1,400 (=£600 loss)
18,000 shares now held
Add £600 of spare cash = £2000 and buy 3,333@60p
sell 4,443@70p=£3110 (= no loss taken on sale of these shares as the price difference in profit between buying 3,333 and selling 4,443 equates to what you would have lost by just selling the original shares you bought @£1 for 70p!).
Repeat this action until you are either out of the stock altogether or have reduced your position size to a comfortable level. The most you will lose is the original £600 and you don't even have to lose that as,if you have money to invest, you can just start buying the dips and (extra)selling the spikes. If this is too confusing I would be happy to explain. Hope this helps.