I actually got out today after getting in at 40c. Perhaps it was a mistake - time will tell but I had put a fair bit on this one so had a lot to risk.
Should have seen it coming on Thursday. Hindsight is a wonderful thing! I am looking to get back in soon as I truely do believe a farmout will occur - mid to late Oct near when one of the director's options lapse.
One thing we must all be looking ot for come October is the Iran influence. there has been a lot of rhetoric over the last few years. Things are finally about to become much hotter with much larger sanctions being put in place. This will have an effect on the whole market as tensionsa are taken to a higher level/petrol imports to Iran halted. (Iran imports a great deal of petrol)
DOW closed lowwer for a 3rd day in a row. We have seen 2 days in a row often over the last 2 months. 3 days is significant. If it continues like this next week the chance of a general retrace in Oct is nothing to be ignored.
Probably open around 66.5 Monday - I will be watching the chart oregoner did. (excuse spelling). His charts are excellent.
Good luck to all - tradrers and long term holders alike! Watch the dow, iran situation, and of course the trend. If we hold above 65 Monday it will be a good sign.
MEO Price at posting:
67.5¢ Sentiment: Hold Disclosure: Held
