RE:RE:RE:RE:City Trader ArticleI don't know where this 'strong support' was that you saw at 2.35. I bought there, but there weren't a ton of people bidding with me at that time.
Maybe you are talking about some sort of TA support level.
We all know and expect to see IAE waffle around in this 20 cent range until we get close to the A3 results or the next quarterly update. It is what it is. Some people just aren't patient enough to wait a bunch of weeks for the next move back up. Others are trying to encourage it to fall as low as possible so that they can load up on the cheap.
Could it hit $2.25 again? Sure. Drop oil $5/bbl suddenly and I'm sure it gets there. But I'd also expect it to be a very temporary price. We all know what happens at the end of 2014. Cash flow taps should get turned on bigtime.
My advice, if anyone cared lol, would be to buy the dips and sell the jumps for the next little while.
With Brent at $107 and production steady, there is no real reason for this to drop much below the recent 2.35 range. And with the delay in the start up of GSA, there is no real reason for the price to jump back to the levels we were at 3-5 weeks ago.
If you are a buy and hold long, just be patient. No need to sell. If you are a day trader, play the big boy's swings. It is going to be a volatile next 6 months imho, so take advantage ot it when the opportunity arises.
GLTA IAE longs.