The average price today after 15 million shares have been sold is 78c.
We are now trading at 73c.
So yes, I believe if the ASX would have been up today LNG would have held above 80c. Early buying when the market was looking healthier indicated we would hold today.
But when a stock is under pressure then the overall market sentiment can drag it down even further.
That's what has happened today in my opinion.
Some might disagree with my thoughts.
What amazes me is that the selling at these levels is 50c lower then it was 2 days ago. I would gladly sell some at 1.20 knowing that I can buy them back at 73c. But given that I did not sell them at 1.20, why on earth would I sell them at 73c today.
On the hope that they sell down further tomorrow and I can buy back cheaper. And if they suspend their stock with a tolling agreement and then open up at 1.40 in 3 days time what does one do then.
Trying to buy and sell and then choosing when to get back in, only does ones head in.
If people do sell at these levels having NOT sold at much a greater share price a few days go that's their choosing.
Before I bought LNG shares I had brown hair. Today I have a nice shade of grey.
LNG Price at posting:
73.5¢ Sentiment: Buy Disclosure: Held
