bottom in, page-10

The next 24 hours trading on the Canadian exchange will be very instructive.

To my reckoning, POE has hit the top of its long term downtrend. If Oil remains high and I expect it will going into the weekend and meeting of OPEC where they will decide future production cuts, then POE could very likely break out of its trend along with many other oilers.

In which case, I reckon CVN will also rally strongly given...

1. the increased production,
2. high Aussie dollar price of a barrel of oil,
3. the $42M it had in the bank last September,
4. the more than $12-15M it will likely add at the end of the current quarter
5. the news expected in the very near future from the current exploration program and production tests

Plenty, IMO, to underpin a bottom and give strength to a retake of 30c :)