Hi
@Averagejoe2013, shareholders & readers.
This info is for newish traders. LT market players would be well aware of the following, so for you guys just disregard.
The floor's eventually going to be 12-12.5 on average results which we saw the sp touch last Wednesday. It's also very normal and predictable for the sp to bounce back after a plunge as buyer rush back in with the short term trading opportunity presented to them.
You'll notice the sp has returned to a lower high of 15.0, were it was trending about 16-16.5 before the selldown.
So from now on with average drilling results we'll see a continuation of the downtrend. This coming week's weekly announcement will see another selldown again to 12-12.5 on average results, and then a bounce to a lower high, maybe 13.5-14.0 as the market sentiment changes just a bit more.
This trend pattern will continue until the market gets fantastic results. Eventually without any fantastic results you'll be able to get all the shares you want at 12-12.5.
Off course all of the above only relates to the scenario for average drilling results continuing. Everyone know what's going to happen once fantastic results are reported. It's up, up and away.
Probably the best way to cover all bases with sgq at the moment is to hold some shares long, along with some shares for short-term trading.
Have a great weekend
Cheers
Tradealot
(20min delay)