Lets say 22 million new shares hit the market on monday and everyone thinks it is gonna be at 13 cents on Friday then noone is gonna want to sell for a 500 dollar profit on open on Monday R they??? (10 percent on their 5000 dollar purchase plan) particularly if they bought in knowing about the SPP in last weeks hype and are still holding on to a greater loss. I beleive support will have to be above the 13 cent mark and many are going to wait and see what the period between now and New Year holds. The other beauty about it is there are many others who took profits and will be ready to get another fill to keep the price from going too low. After all 2 or 4 cent rises now mean 10-20 percent profits at this level or more if it goes a bit lower.
One thing for sure is any bonanza announcements about oil flows at large volumes are going to be met with lots of resistance to the SP on the way up.
Classic!
WGP Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
