punters,
the spate of profit taking after the announcement was to be excpected, considering many of us participated in the 7.5c capital raising and added to our holdings along the way at different levels. as stated in previous posts, the sensible way to have traded NGE was to take part profits along the way...i know i did and still have a reasonable holding in the stock, however have taken all risk off the table and more, and have started adding to the position again. i just could not see the logic in owning stock from an average of sub 10c and not taking some off the table when it doubled then tripled. this is my opinion and i'm sure plenty of you have rolled the dice and simply held on i guess.
in any case, once the dust settles and those wanting to exit have done so, expect some solid support begin to rebuild and push the price higher, potentially and probably to fresh record highs. Why:
- more details in relation to drilling timelines and dates, more specifically for PL 267, with planned spud by end of this year
- additional info in relation to intentions on other PL not part of talisman deal
- stock coming out of escrow...about 30% of company stock out of escrow on 27/12/09. considering that much of this stock will be founder stock i.e. towners, and in light of what happened to the late JT, i feel that the price will be substantially higher from current levels in order for the founders to take some off the table, moreso JT's immediate family.
i feel that the next 6 months will give us some good trading opportunities in the stock, albeit maintaining a core long term position.
enjoy the ride punters
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