Two greens in a row?
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Yes BAS gained 1.5c to finish on 13.5c. Our volume was decent and similar to yesterday, just over 4.2m shares traded. We started on 13.5, touched 14.5 and 12.7, finally finishing on where we started - at 13.5
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Yesterday I had written - "We haven't done 2 greens in a row for over a month now. It would be good to get that aspect back as well". And again someone listened to us and gave us something to cheer after a month or so. There were some big strikes, one a big buy around 1.2m shares wiping a few numbers up to 14,5. Before that we started strongly and had were looking good. But again someone panicked or thought this is not a real deal and tried to sell down. But fortunately, like yesterday these sell offs have reduced - the big sellers having sold it down from 20 now running out of ammo.
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So why are we rising now when many were calling that it is going sub 10? I think you can only push something down to a certain extent before it fights back - if its not right. BAS is cash positive, no CR required for this year - and sitting on a monster which can take it to a different level. Just on current operations and those planned for immediate, I feel it go to triple figures in market cap. Then there is PEL 182 - if this succeeds in some way, target is much much higher. Tino has mentioned few times he will look after shareholders. An Ex-Santos guys with knowledge and reach at right places, I think is best for us to have faith in him that he will do whatever is required - at least I am thinking like that. I feel many are now also warming up to that thought so we are seeing it getting back to where it should be - mid to high 20s is the call for the short-term. But anything can happen, markets are volatile, so please dyor.
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So do we think we can continue this momentum? In our previous rises, there was a distinct feature of the rise. We were doing 3 greens in a row, then a stop and then continue with next 3 greens. After getting the second green today and the big buy, I feel our friends, the big boys are back. They might be testing now, and seeing that no sell off is happening, and there are very few stead fast holders who want to sell before 20, they could step up and take us there.
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So what will happen tomorrow? Tonight is Rate Rise Decision in US and Powell will speak around FOMC. He has the power to move markets big way. There is hope that after bank crisis he may not want to crash other things, so he could be dovish. But that is only a small part for us. We with our cash positive position, we can still go without it. There is a good chance our previous pattern of 3 greens in a row may play tomorrow. Will that happen? Let's hope so. All the best.
