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And even so, oil companies typically do have enormous amounts of debt so the industry average is pretty high. The important question is whether they can keep a lid on it.
Fair point about the debt, but the way I see it, stronger profits in the next upcoming quarters always helps in paying off debt obligations. Hence the different bullish 12-month price targets on main street, I guess others are willing to price in a better future post-pandemic
Solid update, chart looks very bullish. Finncap set a price target of 196p following the update today, perhaps the reason why the price rejected 190p instantly. But as I said, the chart looks very bullish...
Before today's drop, SLP was in a bull flag and was set for a breakout and continuation higher...right before the last minute slump to 115p today. Why the slump? I really have no clue either. Either it is related to the possible "Chinese intervention" I am hearing...or a wider market flushing. Many FTSE shares also dropped minutes before close, I see a few small-caps being battered right before close, especially those not related to precious metals. Tomorrow will tell...if this was just a pointless sell-off then expect a nice bounce gap and a sort of "re-adjustment" tomorrow. Those cheap shares might get snapped up pretty quick.
The recent run higher to £1.50 was all because of the recently formed pennant on the chart (https://www.tradingview.com/x/jwkshWDq/). It seems to now be giving up those gains but in reality, the way price action works, this is a classic retest and I am expecting a bounce back. £1.21 is too cheap, with a bull flag in formation I am also expecting a bounce back. Today it just seems like all the small-caps are getting hammered.
Bull flag on the 4-hour chart (https://s3.tradingview.com/snapshots/l/LzngCICN.png)
Dropped rapidly last minute after Platinum's sudden sell-off. A nice discount for sure. I think it's vital to pay attention to what Platinum is doing technically, but personally I'll be adding more to my SLP position on Monday.
There's a bull flag and a cup & handle on the daily chart, so only a matter of time I guess. 115p is a major support zone.
Chart is looking very bullish...nice bull flag on 4-hour chart
Consolidation/bull flag on the 1 hour timeframe:
https://www.tradingview.com/x/GP6DFif9/
Break of critical 120p level and asecending triangle, possibly retesting:
https://www.tradingview.com/x/eODwnzgS/
Lastly, Platinum is in a bull flag/consolidation pattern on 4 hour chart:
https://www.tradingview.com/x/JcrPFGD7/