daytrade diaries... august 11, page-79

Copy of my recent post on FAR which may be of interest to some day traders.
Given Shell will have to give FAR an answer before the end of August, it is likely there is going to be some buying interest towards the end of the month. The key to buying FAR will be obtaining the stock at a cheap price & not being too greedy, because the downside in the short term is that Shell doesn't exercise its option on the Senegal leases. Traders could look for a simple trade or alternatively trade FAR such that they hold FAR for no cost or greatly reduced cost if they want to stick around & see Shell response to option. Obviously a positive response from Shell could see many holders more interested in retaining an interest in FAR for the longer term. If MEO produces a positive outcome for traders would expect some of this hot money to drift FAR way.
FAR have also formed a pennant which is a very positive charting sign.
Regards
Buffett
PS Please DYOR as no investment advice is given.