That is a very large 'wall' of 2M sellers at 10.5 right now.
OEL are going to need some sustained buying to get through that. Yes, it might get wiped in one good day, but sometimes these walls take some breaking down as we only see the ones that are on the screen.
We have the benefit of another near term positive announcement to come re the extension, which will help give another kick.
And then a long road through JV and sourcing the rig, which will take some time but will give excellent motivation to the OEL share price when they happen.
However OEL is now a great story. There are few reasons to sell and many reasons to buy so the weight of the good story will gradually work away at the overhead resistance.
OEL are great, low risk buying now on any dips IMO. I will be working into a decent stake in the coming weeks and months.
Cheers
Gosouth
announcement out :), page-14
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Last
1.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $52.74M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.1¢ | 1.1¢ | $3.85K | 350K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 25 | 12368166 | 1.1¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.2¢ | 4364423 | 8 |
View Market Depth
| Last trade - 10.06am 18/07/2024 (20 minute delay) ? |
| OEL (ASX) Chart |