.

Came down to 173.50p earlier on and still falling.

Do not buy yet, till I told you so, retracement is not all done.

re - contrarian investor

It looks like the "contrarian" was ready to give some of the gains away on buying on Friday, far to early by my calculations
Funny how he says figures but not the price he bought or sold

i think you'll find he says he bought at about 185, but not very relevant.

chart looks vile and order book is still 2:1 sellers predominant ..... no real reason for the current malaise, but round 140 MAY support, but see nothing before that - except, as always, if general sentiment changes

late rush to close short positions, but prob mainly day traders so put not your faith in any sudden rally

I call it retracement, other say profit taking ..........

July 11, 2011 8:01 pm
By Neil Hume and Bryce Elder

Elsewhere, North Sea oil explorer Xcite Energy , down 9.7 per cent to 174p, was hit by further profit-taking

http://www.ft.com/cms/s/0/a4e02364-abd3-11e0-945a-00144feabdc0.html#ixzz1RpVxzCEe

timeline expectations

1) ES submitted (starts with public notice) - end of July
2) Rig delivered for fitting (3 mth minimum) - end of July
3) Formal DECC submittal - sometime Aug/Sept/Oct
4) ES approval and DECC approval - end of Oct
5) Rig moved to Bentley - early Nov
6) Spud - early to mid Nov

Markets very red over night, could see 1.50 today. dam

There is something much mores serious than the o/a market sentiment here.

At the moment the only profit making or taking is on shorts......nothing but red for me....impossible to predict this blinkin' market...

TIME to NIBBLE

Had an early spike down to 152p, but no one would had the chance to get a this price.

The 68.2% Fibonacci gives 158.75p so anything around this price, means is time for a nibble and if it gets better, add some more.

A large spread at the moment but

the last "AT" was at 158.75p and the middle price is also, although on large spread just now

At a loss because of a nibble in the mid-one eighties....will have to stay put.....

Very unusual the 5p spread and hunging into this 68.2 % Fibonacci retracement for some time now 158.75p

Finally the momentum is taking place and on the move 167p

How on earth are you meant to trade this share - it defies logic - now blue.

no it's not, but certainly a lot healthier - for now - at 170/173

It was when I posted - I rest my case!

re - it defies logic

you may do not know the logic, but I do, so just ............

nibble when I say,it would be easy for you

I had the second nibble a couple minutes ago @ 172p, as it looks like is going to move into the blue today

The order book is still well positive on the bid side, if discounting the 320K at the prices of 210 / 295p

I suspect is going to be a roller coaster on the way up now as the "shorters" will be closing positions as the share price appreciates

i bought some more at 172 late yesterday and castigated myself somewhat this morning for having done so ...... now what does one do????????? ..... have lunch (france) with a bottle of good rose is the obvious call!

The Intraday chart has a lovely sight just now @ 180p

The spike took the shares to 194p but down again to start the new trend ( it seems is like the GAP, it has to be revisited again )

rococo i take my hat off to you perfect trading.