The gap at 14 cents was created when the market became aware that MEO was actively negotiating with Chevron and Woodside seperately regarding a significant farmout .
In three days 68 million shares have traded hands and significant volitility has no doubt been profit and pain to many .
So here we are "teetering" at the top of the gap yet buying is not letting up . In three days almost the entire volume of May has traded . I propose that the gap is serving its creator as sellers reflect that the gap may close, hence sell at loss/profit now and buy back in when/if it fills .....meanwhle an accumulator buys in full knowledge that the pervasive technical gap is creating a vaccum which can be closed in a low volume instant once the targeted volume acquisition has been achieved . A conspiracy theory ? - Look at the volumes and consider who MEO are dealing with and the size of the gas column in question 9.7 Trillion cubic feet between Woodside and Chevron . Look at a long term chart and reflect where MEO has been and consider how low it still is . Big big days coming imo, and free float gradually whittling away .
MEO Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held