Sure is fun and games ADL.A well-known charting site * here *...

Sure is fun and games ADL.

A well-known charting site * here * issued a SHORT signal overnight. Sure enough, at the opening auction this morning (Thurs), signal' sell trades were placed at 0.043 and 0.05 when the buy side was filled up to 0.55 (the opening price}.

I always view these out of place bids as indicators where the bears are hoping to reach these points to fill their shorts, or reach the highs in the case of a bull run. I could be wrong as I am not a sophisticated trader. It is just a point of interest as I keep an eye on my retirement investments from time to time.

The million buy bid which was placed at 0.053 a few days ago for the recent pump (IMO) was pulled but they could not break the 0.053 resistance again today.

As I see it the punters have not been able to generate volume for some time as there are quite a few long holders who are accumulating and picking off their attempts to bring the price down. This is confirmed by the number of failed MEO signals on the site.

Even though the %ge swings at these levels can be quite high those selling between accounts are more of a nuisance than anything else. They are having a hard time manipulating the emotions (fear/greed) of the hardened LT MEO investors.

May/June is always the tax sell off period but low turnover and stability (so far) in the T10 show that people still expect a MEO turn around.

Of course MEO is in a downtrend but investors in the company are entitled to expect a return from even just a small percentage of the projects the MEO team are working on, even though we are investing in a high risk pursuit.

I wonder if the reduction of presentations is due to the fact that MEO are confident they now have a secure forward plan in place whilst waiting for the seismic data to be prepared, farmouts to be finalised, a gas supply for TS etc. Perhaps it is just a tightening of the purse strings.

It seems strange that a transparent company such as MEO, who has generally keeps its investors/owners well informed over the years, should be so quiet since the 2012 hype. But when a larger JV company holds the purse strings, then they will obviously call the shots.

For a small company like MEO with no income, the SP correlates to cash in hand, assets and potential. With ever reducing cash we do need some news of a farmout/partial sale as there is no value placed on the present assets or indicated potential.

I still have confidence but would rather be given some sort of assurance. Perhaps the June Qtrly will shed some light.

In the meantime, patience is the key IMHO.

#:>))

PS - thanks for keeping us up to date with Ensco