Yes - looks like a head and shoulders on the chart, however what is going to happen?
People are not going to continue to sell their shares at a sharp loss below 30 cents in the short term - they will wait and see what is going to happen. Also, there is still plenty of buoying buying presure keeping it up. As I said yesterday, my guess at this stage is a flag formation on the dailies with a breakout next week.
If that was it as far as announcements go, I would tend to agree it could hit back into the 20's rapidly, however there is a strong upcoming news flow. They are only digging down 300m FFS!
Should they come back with poor confirmed oil results, it'll drop - but certainly not back to 20 cents.
AKK Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
