Well if the oil price recovers from these levels or even a little lower then that was an extremely small window to pick Aok's bottom. Still surprised to see how the market failed to discriminate the massive hedge against it's production but I guess oil is a dirty word at the minute. Bottom of oil stocks preceded oil price recovery in other cycles and looking around that is becoming increasingly apparent with the bulk of oilers looking for a double bottom.
Anyway no certainty yet but there is plenty of dissention in Opec's ranks at the minute, Russia is desperate and France should be dropping a few bombs on Libya. No sure what the catalyst will be but something is bound to snap and the Saudis should be satisfied they have shaken the tree and curtailed a great deal of future investment and confidence ensuring future production is muted.
AOK Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
