I think I agree with Hotrock on the manipulation and these people also know a lot of punters would want to be getting out during the drill programme, so why not shake emm out a little early and get some shares at basement prices.
As Stockbrokerbarbie points out all TA seems to indicate a megadump but that is not what I am witnessing during the day, more a concerted effort to push it down and what better time to do it.
At the end of the day we each have to assess our own risk tolerance but I keep asking myself why was Petrobras so keen, why did MEO buy an additional 5% off MOG and why was the presentation so upbeat about the propect, why have respected posters such as YA and others bought in just prior to drilling. At the very least MEO management and Petrobras believe they have a pretty good chance of hitting something bigger than Pluto and Wheatstone combined.
Plenty of time yet this drill will not be complete for another 10 + days yet.
MEO Price at posting:
43.5¢ Sentiment: None Disclosure: Held
