Well, can we finally confirm that 7.5 was bottom of this phase, something I alluded to in my last week update?.
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So how was today? I am hoping nobody has anything to complain. Except some who in the morning said we are probably going to be in red. Following economics and stock price action is not the same thing. So it's better to stick to something which is ones strength. I am not very strong in fundamentals, I try to see price action more. It does not always work, but you have to have more wins than losses to be in front. But I still believe what ever was said was in good faith, no one knows what is going to happen, so it's all right from that point. Hopefully no big arguments and argy bargy like last week.
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So what was different today? We finished in double digits after nearly done months. That speaks for itself, so I am not going to add more to it.
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But why are we rising? As I wrote last week, our drop to 7.5 on heads and 0.8 on oppies was not natural. I was hoping sanity will prevail at some stage. Those who have listened to Tino recently, he was so confident. He has plans. He has timelines. And this is without the big one of Santos play. Just increase in production, but more importantly, in short term, Kiwi. He sounds so confident and is going to present, I was impressed, I put my faith in him. Our drop was unnatural. On low volume. Maybe orchestrated. But I don't believe in conspiracy. I believe at that time punters were really feeling that we are doomed. But the low volume was the giveaway. Again, I am talking probability.
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Personally it was a big day for me. I bought lot of oppies at 2.1,then 2.6, and finally whatever was 2.9. Also some heads at 10. Last week I said my average was 8.3 heads and 1.3 oppies, my heads now at 8.6 and oppies at 1.6. Yes I bought lot of oppies.
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Couple of weeks back when I was buying oppies around 1c, one famous poster said that I am a pumper. I was told I am scared that and that person sees that oppies will drop to 0.5,hence to protect myself, I was supposed to be pumping because I have reached a very bad situation.
Have not heard from that gentleman for sometime, but if one bought then, one could have 200% gain by now.
But I will give benefit of doubt, and to their ability. It may have been on good faith, but not good enough. A lesson to be learnt.
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So what will happen next week? Things are looking good, but in these type of stocks, I always believe that anything can happen, so please dyor and do your own risk reward. We finished in double digits after 2 months. Tino to speak next week. Operation update to come at some stage. So first thing is to stay in double digits. It was our first day. I wouldn't be surprised if more games are played before final confirmation. Next step as I was saying before when we were going down was to hold 13c. I exited when I felt it won't hold. Now we have to get back there. That will be key for me that we are back. One gentleman may again say I talk arbitrary price, it's not arbitrary, it's price action that I follow. I have a good feeling about next week, don't know why, may be misguided. But if we get to 13c, then I would feel I was thinking right. Let's hope it turns out that way. Enjoy your weekend and all the best.
