88E Bullish Breakout

88E is primed for another high-volume move today. There are a number of reasons that this will occur:

1. We broke out of the downward trend on the hourly chart yesterday. The yellow circle in the chart below is our starting point this morning. The breakout occurred earlier in the day on decent volume which I believe was one buyer that snapped out close to 5m shares.
2. The UK AIM listing closed up 7.5% at 1.99 (AUD eqv 3.6c)  last night on very strong volume of 24m. The market maker will need to buy those shares today on ASX so I think it's a given that the 3.5 and 3.6 lines will be wiped early on.
3. WTI Crude is currently up over 3% to over US$65.50.
4. Talk of M&A and JV activity in the North Slope region. For me, this is a big one. The massive spike to SP and volume on the ASX shares on 13th and 14th March preceded the rise in POO. There was no news from the company and no real reason for that activity to have occurred. IMO, there may be some position building ahead of more deals in the region as the Alaskan winter comes to an end.
5. News is due from the company in the near term relating to the flow testing at Icewine. Results due to be reported in 4-6wks.

There is just too much to like about this company at the moment. I will be adding my position today.