GREY:ENGFF - Post by User
Post by
TO1on Jan 08, 2008 11:54pm
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Post# 14172386
MIA17
MIA17“Where do you think a good re-entry point is on ENG?”
My situation is a bit different than someone getting in today. I bought my entire position 5 weeks ago between $1.00-1.05 and since then I have sold 1/2 my original position at $2.15 to cover my initial cost of capital (shares and current + future commissions) so I’m riding the rest for free.
As we get closer to drilling the shares should rise in anticipation of drilling so today is as good a day as any to get in if you are not here yet. Where the price will be when they begin to drill no one knows, this is the market.
You just have to understand that if they miss it will fall to where we started this rise, around $0.75, as that is were the long-term support is (Jan – Nov 2007). If they hit, it will move higher. Hence the spec.
Good Luck.