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In a previous incarnation of mine we had an equity team who could flip the settlement between the different exchanges and trade the arbitrage accordingly, 88e was one of their favourite stocks to trade. Can't remember exactly what happened but I think Compliance stopped them doing it. What you could do is use CFD's to trade each one individually, eg short ITE.TO last night and buy I3E.L this morning and wait for the price difference to narrow between them but it's not something I would like to try as legging into a spread carries it's own risks.
It is a tough thing to do, I switched some of my pension pot into i3 last week at 27.7p average after waiting for a pullback that never came and now I'm pleased I did. When you get a bull run like this every pull back will be less than the move up so people just watch the share run away from them. I believe that any purchase in i3 will come good at these levels even if you experience a short term period of being offside so I have traded accordingly.
Although I would agree that on some technical indicators the share price does look overbought but that doesn't mean it can't go further just as if something is oversold it doesn't always indicate a buying opportunity as we know markets do like to over react in either direction. What I would point to in the case of i3 is the very strong fundamental case for buying and I believe that in this case the fundamentals will push it further, indeed looking at the price action over the morning I would suggest further upside is imminent but we are waiting for the Canadian open to see if the last couple of days can follow through into the afternoon. Obviously I am not recommending people buy the shares, just my opinion.
IG are total scum anyway as they just B book everything and hope you lose money so actually providing a useful facility like DRIP is not in their interest. Hargreaves Lansdown have a pretty good rep but any broker with DMA is going to be better than IG.
If I were to consider purchasing any EOG it would be with fresh funds. The entirety of I3's value is pretty much attributed to it's Canadian assets so I would be cautious about removing my exposure to those assets into a binary event that is Serenity producing or not.
Not necessarily the case at all as sentiment is the biggest driver of a share price and what can be perceived one day as bad can be good the next. Oil is having a run and sentiment is bullish towards oil stocks and especially I3 so someone selling 750k to take profits I imagine can be viewed as negative or the fact someone bought 750k at these levels is a positive, market is looking bullish and sentiment is positive. Same scenario and two different outcomes.
I actually quite liked the results and the special dividend, I do agree with some of your sentiment and that cost inflation could be looked at as a warning however with the share price a little over half of what it was a month ago surely some of this must be now priced in. I also like the fact that Lindsell Train picked up 5% a few weeks ago and certainly agree that longer term investment is fairly compelling now.
IG will B book all of the trades so you are not trading DMA, the problem here is that when you try and exit a position during a fast market the system cannot cope which is what I experienced whilst trying to sell 88E when it spiked over 4p and my resting offers that were 0.2p below the bid were not getting filled plus their quotation system always fails in a fast market. Trading options with them is probably slightly less enjoyable than Colonic Irrigation, their prices may occasionally resemble the actual market but this is purely coincidental, the bid/offer spread is so wide to make it untradeable and often goes into backwardation. Just a little flavour of my dislike for them and don't want to go on all day.
Thanks Stas, I don't agree with the Head and Shoulder formation you refer to as the formation itself is not clear and also the neckline should slope up when this is not the case. I will defer to your greater knowledge on the fibs as sadly I don't have this function at the moment. Fundamentally I believe the 10.2p was a price representing below net asset value, proved recently by 88E's purchase of 300 bpd for $9.7m and whilst I do enjoy looking at technicals for levels I still believe that fundamentally we should have performed better over the last week and am actually a little disappointed by the share price.
I am also at a loss to explain the share price action. The last 7 trading sessions have seen 6 of those close on a black candlestick and in that time WTI has risen from $100 to $120 just now. The technicals did produce a Tweezer Top last week which does signify some weakness but personally I would have thought fundamentally we would be moving higher.