Finally decided to buy in yesterday and got set at $13.35. While its going to be a little choppy until this underwriter overhang is absorbed, yesterdays volume was through the roof and gives me the confidence that surely the majority of its been taken off them and share price could resume normal transmission shortly. The OPEC meeting on the 7th which is widely expected to result in production curbs of some measure is also a net positive for POO together with this G-20 over the weekend where if any type of agreement can be made equity markets will latch on we should be in for a pretty solid December.
Also I'm no chart expert but two measures I usually look at which are the slow stochs and RSI are both interesting with the slow stochs bottoming and starting to trend up and nice RSI divergence which to me at least feels like that the low is in and reversal is underway.
Not to mention most managers are significantly overweight WOR in their portfolios (especially mid-cap fundies) who all participated in the discounted capital raising at $15.56 and circa down 15%. So you would think they will continue to buy this dip quite hard. Reminds me WPL's acquisition in March this year where price tanked and was bought into pretty aggressively again. Obviously POO was a lot higher then compared to what it is now.
All IMO but gut feel is this should do well from here on in.
WOR Price at posting:
$13.20 Sentiment: Buy Disclosure: Held
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