Amity Oil - when will it move, page-6

Don't get excited about the market depth beyond the first 3 levels. Often the orders beyond that point get pulled before they are hit. It is not uncommon to find that they are props to try and affect the share price. If you look at the first three levels there are 65K wanted vs 95K for sale which isn't that bad.

AYO has been drifting down for some time but if you look at a chart you will see that there has been little volume in the trades since the price was 90 cents. I believe it is the impatient people selling rather than the price being driven down. At the moment the buyers have no reason to bid the stock up as the sellers are still dropping to meet the bid price (but at very low volumes). On any fundamental calculation I can do this one has to be considered very cheap. My figures say that in December based on projected revenues (as projected by the company) a share price of $1.40 would be a PE of 7. This ignores the value of all the tenements the company has apart from the existing wells in Turkey. The price will rise and I expect it to rise quickly when it finally comes.

I hold AYO & AYOOA.