I look on it in parts,
First Selling.
We have holders (unnatural said one) who will sell regardless of price, to some extent. And some bargin hunters who will buy because there is is usually a dip after a script scheme of arangement, who will be looking for a quick 20-40% (just a guess.)
So I think we will have three selling waves, first the sophisticated who sold before us mugs even got our deferred script, Then the online traders who now have their script and finally the moms and pops who have an old fashioned broker.
I think we are in the middle of the second. Next week is the third. IMHO.
So far the second wave low has been close to the first wave low. Today 6.6, I hope we rise before the third wave. Some of them will be simple sell orders without a minimum and so I think we may get more volitility. Not sure how many shares they hold?
Buying.
Some see this as a great buying oportunity, get it quick while the price is low. These risk taking buyers have stopped the price collapsing. (and many of these opportunists will sell into a rising price)
I Admit today i got some at 6.7c, was lunch time meant 6.9 but made a typo no time to change so i got lucky (I hope, time will decide).
Anyone who wants to buy can buy now, unless they expect to buy cheaper. But after the third selling waves (wave four from the oportunistic buyers but at higher levels) we are back to normal investment & spec buying and selling.
Management will have learnt a lesson in the finance side of the oil business and be more realistic this time, I believe. But give them credit they can find oil.
So in a month, with drilling planned (I hope) we will see some better prices, I hope.
Anyway I ramble,
Good luck all and DYOR
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