Well, well, well!
Here we are after an interesting day and it appears we're right back to where we began the day with a close indicating no change in NGL's price-point whatsoever.
So what does all this mean, anyway?
On the surface some might posit that nothing has changed. I could entertain an argument there on at least a couple of counts:
1. NGL disclosed today that a five year legal skirmish has finally concluded with an agreed-upon settling of a court case dating back to 2013 involving a company in violation of an environmental matter. What may not be known by all is that the infractions occurred prior to NGL's assuming control and ownership of that company. Nevertheless, NGL has seen fit to pay to get this situation out of the way, once and for all. In my view this was the smartest possible decision one might make.
2. We opened the trading day and then proceeded to move up and down, not too much sideways, only to return to exactly the same place we began! This is lunacy for sure although we've certainly seen it many times in numerous stocks.
My takeaway is we should expect a rising price point tomorrow. It could be in the 35 cent range although I'm not suggesting any of us count on it as there's no way to accurately predict the future. Positives encountered today include seeing us knocking on the door to $12 and remaining elevated for hours, not just minutes. This reinforces underlying attractiveness to be found in this stock.
So be happy, everybody! There's life in our pick after all. And just as it was clearly in evidence today, I predict it will again be so tomorrow. Friday is the Day of Reconciliation and while the week has not been kind to us, I believe today's hint at reversal could make a more pronounced mark on tomorrow's trading and, in particular, the close of the session.
Sweet dreams, all!
