youre no orphan when it comes to being disappointed with the SP but your evaluation of the company would be pretty close, my bare minimium price is 96c, but this doesnt factor in no debt, low share base, production increasing, 2P reserves increasing and more than adequate infrastructure in place. have to factor in on the down side gas prices and US $, seen a more realistic valuation recently of $1.50 though.
from a chart point of view believe we have a huge bounce about to occur. on a chart look at the dates 24/7/07 till 7/5/08 then look at the dates 28/4/10 till today. draw a support line under 38c through all of this.
we appear to be forming a double bottom for the second time off the same level, the difference is this time we are coming off a higher level, if speed angles hold true RFE could easily be back to or past 68c by early december.
i,m dreaming but RFE has very rigid charts.
we seem to drop in to the double bottom pattern quickly, come out to our next high quickly, then drop back to support level (38c) a lot slower, this confirms a double bottom, resistance to go back to support again, but this creates the steep bounce, in the near future 68c is required to confirm this. looks like we needed to hit 38c for true resistance to be confirmed.
would love to have posted a chart with this info , any one keen to give it a go??
RFE Price at posting:
40.0¢ Sentiment: LT Buy Disclosure: Held
