The Faraj List of Exploding Stocks Part 3.04 (FAR3)
melfaraj - Mon, 27 Dec 04 :
sweety pie,
as i had said it in the past, the charts play the 2nd fiddle when it comes to oil particularly in the context of the perhaps most volatile region of the world, the middle east and iraq in particular.
the charts did play a role in the recent past when pet was awaiting the news of a contract award. i had it said that when the market has no means of valuing a company it seems to set its value at a key support line, the most favourite one being the 100p mark. and that was the level at which pet had settled down prior to the rueters news.
the recent drop was caused by nothing else other than the news propagated by rueters.
my own hunch is, the stock would make big strides to hit the 100p mark again in the absence of any news of a contract award to pet. it pet is to secure one contract only then you can count on a one day rise of some 40-50% followed by further double digit rises.
