For me - it's a hold for now. I still feel there's a lot more steam in this puppy but it was a much safer entry at 1.5/1.6... I'd also have to disagree with a "solid LT" bet (unless you consider 2 weeks LT)... hehe. If we hit oil then it's a solid LT bet but if we end up with a duster then the SP will be in for a world of pain! However we can all take heart in the fact that Elkedra-7 had oil shows in the past - which derisks it slightly in my books.
Today's action is all good in my books. A good solid consolidation day with VWAP currently at 2.2c and a churn through of most profit takers from the 1.4-1.6 accumulation phase.
Hopefully we will see 2-2.1 form as the new base from which we will have another leg up and another round of profit taking. There are still a few weeks til spud date so plenty of time for these fun and games.
BKP Price at posting:
2.1¢ Sentiment: None Disclosure: Held
