theory- another drawdown starting?

OK, this is just a theory, not a fact, but...

The last 2 drawdowns were characterised by a small drop in share price, along with large resistance appearing at a certain point. After the drawdown finished, we moved up sharply (from 9p to 16p in the first instance, then from 16p to 22p in the second).

Right now, we've seen a small dip (down 2p or so from the highs of 24.5p), and big resistance appeared in the last ASX trading session at 41.5c (currently set at 3 million, though this might change when the pre market opens next).

It's not going below 22p as the automated trades take out any shares that are offered below this. But if a drawdown is taking place, and hence Duccess are shorting the stock, I'd expect us to remain in a narrow price range until the drawdown is finished (next week?).

Then, as is usual after these drawdowns have finished, we should be seeing the next move up IMO. The Africa Oil buyout of Lion Energy is a clear signal that Puntland is on.

From the AOI takeover announcement:

"Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "The acquisition of Lion consolidates our interest in the East African rift basins in Kenya and Puntland (Somalia). The cash portion of the deal will further strengthen our balance sheet to allow us to fully fund the upcoming aggressive exploration drilling campaign.".

Lion Energy had $30m in the bank, and that's in the ballpark of what a rig will cost for Puntland. The statement above clearly refers to the $30m funding Puntland- not Kenya- as AOI are carried by Tullow for those costs.

So we have a clear signal that the Puntland green light is on, but yet not much reaction by the market. The theory- we're being weighed down by Duchess shorting the stock, and when they've finished, we'll move up to a level more fairly representative of the prospects on offer.

All IMO, and of course the only evidence I have for this is the behaviour of the SP while previous drawdowns were ongoing. I'd tentatively say next week could be a big week for Range if I am correct.