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Even after the oil price falling back to $103.99 at the time of writing, if it closes at this level it will have maintained yesterday's break above the downward sloping trendline connecting the highs since the March 06 high on the daily. Very positive.
From the article:
"Algorithm-based forecasting service Wallet Investor.......for December 2022...expected the stock to decline to an average price of 1.786p per share." Yikes!
Sounds ridiculous. Anyone any knowledge or experience of this algo service? I can't afford my holding to decline by 97%.
GLA LTH
It seems strange that an article published today, Apr 13 2022, would state "Kenya had set a December 2021 deadline for Tullow to present a comprehensive investment plan for oil production in Turkana or risk losing concession on two exploration fields", and then not comment on whether that plan was presented by the deadline, which is what happened.
The article also quotes very selectively from the "latest annual report", without noting it was released 3 weeks ago, not today or yesterday. There's no mention of any positives reported. Suspiciously one-sided reporting.
Van Beurden appears under the heading "People also viewed". His rank in this list is entirely a product of third party views and doesn't imply any kind of connection at all between Rahul & Van Beurden. Well done, great powers of observation and deductive reasoning.
This is positive
https://news.sky.com/story/ukraine-war-oil-price-retreat-likely-to-be-short-lived-as-demand-will-outstrip-supply-in-the-months-ahead-12567598
Agree with Kraken. Oil currently down 12%; was down only half that when TLW closed 16% down.
Oil down a lot. Was bid up in the build up to invasion. People bought the rumor and are now selling the fact. Still, however, holding more than 50% of last week's gains and in a strong uptrend.
Appears to be the same profit-taking for many commodities, especially after the post-invasion spikes.
I believe the up-trends will continue in commodities as current reserves are consumed and supply is not restored.
IMO, LTH, GLA
There's even a downgrade this morning by one analyst from under-perform to sell, on the first trading day after promotion to the FTSE 250, and with oil at the highest level for more than a decade. Unbelievable. I'm starting to think there's something to the conspiracy theory!
Today's move saw two significant trend lines on the daily chart crossed in bullish confirmation.
One was breaking above the upsloping trend in place below the lows from Oct 02, 2020 to Nov 26, 2021, which has several accurate touchpoints. This means TLW has resumed the long term uptrend from the 2020 lows.
The other trendline broken above today was the downsloping line connecting the highs of the recent shorter term bearish trend begun Jun 16, 2021.
These are both bullish indications of a continuing advancing sp.
There is a yawning gap on the weekly chart at 85p, having gapped down from 200p. Markets love to fill a gap, so my first target is 85p, then on to 200p in short order.
GLA