The way I see it - there was one or two institutions wanting out of petsec which drove the price down form the mid $2. After that mum & dad investors lost confidence and began selling. It went down on fairly low volume. IMO it has hit bottom and there is only one way left. UP
PSA has the problem of being too big for day traders, mums and pops etc and not sexy enough for institutions.
I think at the moment TF is keeping a lot close to his chest and gunpowder dry as their may be some exciting purcahsing opportunities in the gulf. Also the next two wells in China have great potential, multiples of the last one. this is what i am hearing from someone close to TF. May also explain why there is so much director buying in HOZ.
PSA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
