Post by
takingthemon on Nov 21, 2013 2:42pm
Taking some off the table
As of the last time I wrote I had mentioned that the stock had reached a bad area and could go down further if it did not hold the $1.10 area. This happened and we had retouched the lows.
As mentioned my new average cost is $1.13-!.16 area. I am using this volume movement to lighten up about 30% from my holdings. This swing in the share price puts the recommended buy price in the green. It is never a bad idea to have cash once in the green. I have traded this stock many times in 2013 and this has worked with 97%.
There is still many things that could pull the rug out from under the lift in the share price. The balance sheet....pipeline losses....more delays on the new pipeline.....etc..
I think the stock could re touch the $1.45 area again. If the stock gets to this level in a short time I am expecting a small pull back and would add more if warrented.
Regards
Comment by
blue_eagle on Nov 21, 2013 3:03pm
No-one is gonna outsmart Nigerian corruption..really admire Wade for his expertise and courage Nigerians will have the last laugh I believe... Capex and divy unsustainable now...other pipeline will be tough to complete and keep trouble free