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@Bugsy, gnerally you're right about Gaps closing but to provide an example of how precarious it is. Look at LLOY SP. In it's freefall in 2011 it took 2 years for those Gaps to Close whilst ascending it also produced Gaps which then took until now to close those Gaps on it's way down.
However Spikes and filling the wickes are a bit easier to judge to enter when using Daily TF and Lower TF's to judge your entry point. However you need to know how to read patterns in the candlestick, which you probably know.

@AR12. And you're point is? I wrote that to those who constantly want to take shots at me. So it's not directed at you if you didnt.
Those who are holding will most likely not loose their money as TLW SP is in a good position of reversal, BUT it still remains to be seen how the MM Shorts will pan out and other fundamentals over the long term will affect the SP.

@torn. second that. It's over the 50% Fib and the 200MA so will most likely retest those at your quoted SP level.

@Jmax. Why wouldn't he capitalise on the spike when your competitors vax costs less.

you have no arguments from me about that statement. Whether you're a swing, day, or long term investor it's all down to making your money make you money.

very tidy return antharry...well played!

@antharry. There will be plenty of opportunities to get back in. try not to FOMO. Like you said...profit is profit no matter where you got in.

@Nick_Investor, if that is true of MWace being best at the game then they opened at a very bad time. You only have to look at the history of the opening short postions. March (below 10p), April (between 10-14p). Any reducing of shorts is them skimming the cream off the top of their shorts opened in the spike of April.
They will not want to be closing at a loss of their positions in March/April lows.

TLW SP has faired a lot better than the major oilers. RDS, BP, ARAMCO, Total, USO and (ETF) XOP, et al. Perhaps this is the real turning point for TLW?! Who knows.

@cam, that's just your opinion but to say that EVERYONE should do what you say does sound a bit arrogant. And I'm pretty sure others will tell you so. Like they told me, even though i keep saying DYOR, and use words like probability, maybe, could.

@ncar...i've not been on here recently so haven't been looking at whose been posting. but i know from past discussions that Will generally isn't a ramper. At least not like some more prevelant rampers on here.

@cam agree that i too only use daily, weekly and 4Hr for price action to see how they all align up to see my entries.

@camkite, i posted some time ago and I support your brent price to $48 but not until it retests the mid $35. Who knows when it will hit $48 as no one can ever put a timescale in this uncertain market. EIA crude stock numbers will be announced today so lets see.

@camkite, you're right that speculators certainly jumped on the RNS and bought into it and possibly got out at the same time when it spiked. You're also right that it bounced off the confluence too. But at the moment the SP is just below the 52MA and has been rejected, so that's why i say lets see how the weekly candle closes.

@camkite....nothing is solid in this game. Lets see how the weekly candle closes.

@antharry. at the moment no. it all depends if it drops to retest the 0.768 (14.2p) of the Fib and close below it. As that would indicate a further drop of the SP.

16.5p on the cards. Feel free to fill your boots.

@TimmyG, I love a good punt either way but even I wouldn't take that risk of shorting. The RR ratio just doesn't justify it for me at least.

That spike will of hurt the shorters...SL hunting!

GL, DubaiD. If you don't mind me asking what did you open your short at?