They seem to have established some calm after the initial flurry of buying (and selling) earlier today...
Bullish intra-day movements and the daily charts suggest plenty of room for upwards movement.
Importantly, 90c appears to have become the floor (not confirmed yet)...if so, this is significant technically and points to a near-term test of the $1.00 level.
Might even get it towards the close today?
If it breaks through, significant upside could follow, with only one real overhead range in the way ($1.15 - $1.20)
Obviously the technical break has been news driven...but the significance here is that we do not appear to be getting the typical spike-and-retrace-on-news scenario.
Instead, we are seeing a solid performance, with profit taking carefully being lapped up by the market relatively comfortably.
Of course, this could all change fairly quickly...but given they are nearing the end of drilling and that follow-up news is immenent, both from discovered and possibly yet to be discovered hydrocarbons, it is difficult to see it getting sold down from current levels...well not today at least.
Two licks so far...92 and 93...and looking to get some more the further it rises...lol...if it rises?
Cheers!
AED Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
