Looks like we are having two days where traders (and clearly...

Looks like we are having two days where traders (and clearly some of them are institutional) are trying to push the SP lower - and it is forming a solid floor where its major resistance is anyway. A number of technical indicators show it to be grossly oversold.

Hardman is probably one of the most actively traded stocks around at the moment - attracting day and short term traders - and hence maybe the large swings as traders get squeezed on either the short or as happened this week - on the long side - with the SP overshooting where the fundamentals - and even normnal TA would take it.

If the market was seriously valuing Hardman at these levels - then it would and should be a takeover target. If someone offered say $2.20 today - I am sure the SP would quickly be at $2.50 - as thats where the real risk adjustemed value is - and then any offer would have to include a premium above that to refelct the value of copntrol and blue sky - especially Uganda.

If Heritage report a stunning success in Uganda - then Hardman's potential is vastly increased - as Uganda could be another Mauritania for Hardman. Remeber - Hardman is exploring in the net block in the same reservoir structure - and there are oil seeps in bothareas.

Someone posted a question today - Hold or Sell - my answer is why not BUY? I admit that I am not buying today - I want to wait for confirmation of a move up - it was not hard to lighten up at $1.80 when it seemed clear the SP wanted to go for a slide - but I find it very hard to sell more at $1.60. Maybe it could go another 10 cents on a final push - but by then I would expect the takover defence team Hardman has engaged to start earning their money.

Is the share price slide really relevent to Hardman - NO - as most company projections have been done with an oil price below $30 - and as have analysts valuations - which are all still well north of the current SP.

Cheers TGN