The downtrend may be over quicker than people think.... I did a...

The downtrend may be over quicker than people think.... I did a chart for ARQ the other day, although the decending triangle can mean a continuation of the downward movement it can also end up breaking out of the down trend... VPE did this recently with a quite similar looking chart.

I personally think ARQ is quite undervalued at present, and suspect that the 1/2 yearly results may give some confidence back... the big drop in profits last year as far as I can work out was due to accounting changes, which brought forward writedowns, the question is were those writedowns a one off, or will they be a regular occurrence?? That I don't know. With the exploration they have planned, some extention to reserves is almost a certainty (unless they are the least lucky oil company out there, which doesn't seem to have been the case so far).

anyway here is the chart :)