Special thanks to Scallop man on saving my short positon and sending me long on this one. Don't know much about oil punters but on trading patterns this stock is looking quite brilliant.
On my first look at the chart 1-12-05 I figured it was fair game for some serious shorting. (Some of the better learned chartists may have read it otherwise)
This is the interesting part. As the stock came off its high in the last few months it obviously retreated to no small degree in line with the oil price. The rest of the downward pressure may have come from instos and the like closing positions out knowing of WPL's intention to bail out. I note WBC got out recently and I'm sure there were others. I can't believe DB went into the deal with WPL without having buyers lined up.
This kind of information leakage to the big end is allowed I believe because their is so much superannuation money with the instos in form or another so the regulators simply let it happen.
The good news is I believe as many now do that the event of WPL divesting holding was the bottom and the serious buying continues. I don't think any big money is still trying to get out, if they were that worried they would have cut and run by now. Some profit taking last few days new bottom 1.90 upside 2.50 plus shortterm.
Dana 60 Tullow 20 Hardman 18 Roc 2
Enjoying the posts of 618, Abu and others.
Metalhead
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
