Just about every oil stock on ASX is going backwards. Next week will be interesting to see just how much was tax loss selling. I've been out of the market but have started averaging back into oil stocks for about 5 days now. Its all high risk but these opportunities don't come up that often so if you are a serious oil stock player you have to start buying when everyone else is selling. As long as you average in and spread you risk over several stocks you will most likely come out ahead. I've just bought this stock for the first time and will buy more if it keeps falling.
This is a dangerous market though so who knows what will happen next.
NEN Price at posting:
31.0¢ Sentiment: ST Buy Disclosure: Held