It will be crucial this week to see if that friday's close was a result of genuine buying or short covering. This has happened in the recent past on a friday spike only to be sold down immediately. Now that the company has indicated that they are not aware of price sensitive upcoming news and we have to take it at face value, wait and see the coming week for trend reversal signal confirmation.
I still suspect IMO, ERA's short fall of forward sales and lower production had something to do with the current speculation that spot will be moving up much sooner. In addition, all the capital raising by the small end of town is telling me that risk is coming back to the market and the sophisticated investors are gobbling up the raising at discount. Better get their investments before the QRN ipo.
EXT Price at posting:
$6.90 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)