Do not like it I read the story about the decision of local municipality to suspend BNK operation due to pressure from the locals who claim to have suffered damage to their properties.
I do not know if the municipality has the authority to suspend oil production operations. Most likely it has to be the Fed government.
I have no clue if BNK operations is causing any damage. It is well know that locals usually resent mining operation & when they see a foreign company making money from their resources they want a piece of it directly & will create issues to exploit & get money. Are the grievances genuine or not BNK will have to put this issue to bed.
Issue with BNK is that some of the villagers/ property owners have convinced the municipal representatives to side with them.
BNK has to deal with this issue once for all or it will flare up from time to time & tank the stock. The extra volatility is very good for traders. Today there has been no reaction in the share price even though it seems to be very alarming news. Either large institutions are not aware about this development or will react when there is if any official notice issued to BNK. If any notice is issued to BNK then it is going to be too late to get out. But would be a good buying opportunity. BNK is not going any where & Albania is not going to shut down oil production. There could be some hiccups till those villagers get money in their pockets. It is all about getting money out of BNK. I guess it will be cost of doing business.
Am I over reacting may be. I love to preserve my profits. It is very easy to make profit but difficult to hold on too it. I have decided to restrict my exposure to BNK this issue become more clear. Will trade intra day & will take token overnight exposure. I like this stock very much will do my best to avoid missing any large upward moves. Hate chasing a stock. Now I am down to very few shares a token position My dicison is not based on technicals but the Municipality decision. Anyway tomorrow could be one crazy day when Ben makes it announcement.