Petzl, PSA is perhaps an opportunity to discuss the value of charts when it comes to small oilers about to hit a target zone.
Levels of support, parabolic curves, trends do not help you if mother nature does not put hydrocarbons where you want them...... Small oilers typically drop 30% on a duster and PSA surprisingly (I say surprisingly as it is not your typical small oiler in that it has good production already) has hit the 30% plummet point as well.
PSA this morning at mid 60's. Yep probably near the bottom and no doubt a buying opportunity considering the fundamentals.
But I post here on charts not fundamentals. In my view charts have many uses and I actually use them a lot, but cant say that TA helps too much when the reservoir is empty. So projecting upside and downside targets in the days before the drill gets to the target has little relevance.
Over to you Petzl. Willing to debate it?
acturtle
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
