IEC interstingly shows similar chart today and has bounced. Spooky.

IG now quote 86/91 which is spot on the level i reckon should give support ...... not in buying mood myself, but i would be surprised if one could not deal well inside the quoted price, and would make an interesting punt, or at leasst better than many

too clever by half .... it's now 94/97!

BOING!

Thanks cynic.

That's an answer at least (474)

I guess Lex is facing his own funeral in PET very soon. Don't blame us that we didn't warn you. If you are smart, SELL tomorrow.

wrong (possibly)! as a play, it may prove to be a good time to get in .... read the few posts above

FWIW I have never shorted PET nor at the moment do I have any intentions to do so. Some here watched the SP hit giddy heights last time around only for a catastrophic collapse to follow. No wonder posters are somewhat dubious about their credentials and ability to make the all important deal and even if they do it's a long way from there to move the oil and turn a profit.

pth

bear raiders...........are pilling in today again!

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While PET is certainly no pet of mine, i am glad to see that my call yesterday re support and bounce at 91 was spot on with sp now 107

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Lex, you must be relieved: it's finished above the 100p mark.

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perhaps if i had been smart or quick or brave i would have backed my own judgement and bought .... but i was none of those!

I spy an age old excuse - stops, shorters, etc, etc.

The normal thing, however, is that is worth what the market thinks it is worth at any given time. Normally that is at odds with your personal belief and if you're arrogant enough you get fried. The market is always right.

that's a bit bold Al, though the market will always tell you whether or not you have lost or made money! ..... i would agree with you in general terms, but when the market is as volatile as it has been for the last couple of weeks, the selling becomes totally indiscriminate, hammering the good with the bad ...... when the bloodshed stops, as it always does, there is undervalue to be found.

in this particular instance, the price of PET fell to a level where support and a good bounce looked more likely than not .... it happens that i called it correctly, even if the fundamentals of the company have not altered one iota.

as the name of the game is making money, or at least avoiding losing it, it matters not at all (to me) whether a company has found the better mousetrap, but rather whether i have judged correctly, for whatever reason, that sp will move in the direction i hope.

A lot of misinformation/strange information around on ADVFN over the last few days.Petralva has suggested that Peter Crudass has something to do with a bear raid on Petrel. True/False...who knows?
The rumour that Halfaya has been awarded to Shell is nonsense. Missan is a PROVINCE with many oil fields, of which Halfaya is one and NOT the one that Shell have an interest in. BHP are not in the running for Halfaya because of their stance years ago, when Saddam was still in power.