RE: One the move Not sure how they determine support at .61 - But to me it looks like we are developing support at around this price. Will it go lower? that depends on the news that comes out of the company. Another poor new release, and I could see it drop to the .61 level. Or things could melt down in Nigeria then all bets are off.
Will it go higher? In the short term, unless there is a real surprise to the upside for the UMU 9 results, or the anouncement of the special divy - I think it may trade in this range until we get positive results from UMU 10 or the anouncement of a pipeline deal with Shell.
I think the immediate bullish trend has come off the stock, and they need some positive surprises to get the price moving again. It will come eventually, but do I want to wait?
As per the discussion about charts - I could have told you that the charts would turn sour the day the news release came out - all the charts are is a representation of the trends over time. You need to balance that with proper DD and a position on what you think will happen.
JMO