7.5 Mil shares, being sold (actually was 8.5mil at the close) by group of people, who may think there is batter value elsewhere in the short term, or someone wanted to protect their gains, as they could bought at much lower price (Mar 2009 MEO was at 0.062-0.07c, and with the views that there is no sign to go up (SP) in short-term.
But, 8.5 mil shares also being bought by other group of people with different views to MEO.
Buy unloved small oilers with the bad news; or buy when other people are selling, provided the fundamental of the company is good. This is best way to play spec oiler!
In my view, good fundamental of small oiler shall consist of the following:
Strong cash position (lifeline for a non ? producer)
Holing some reasonable good prospects / projects, or has singled to buy some exploration assts/ or buying possible blue-sky projects.
Management possess strong technical background, and deal maker.
IMO, fairly speaking MEO shall reasonably satisfying above points, although not 100%.
Also agree with play2wins view, that day traders will not touch this one at present, as it only has half cent up and down each day.
So it must be a real buying by someone that wishes to take the position! This is a good sign to me.
Good luck to all!
MEO Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
