Speaking only as a non-professional closet chartist, I really think we need to bust through (and close) above the .72 (HOD) and close barrier on June 10 (in retrospect, who knew?) the last 6 weeks which also coincided with the last drilling update - June 9 after the close,
I am not predicting another 19 cent advance but I think we need to keep a few points in perspective,
- We essentially now have definitive drill dates - We are still only valued @ $1.49 per unproven barrel as of todays 69 cent close - (336M BBL P50 X $1.49)/ 722M O/S.
As stated before, I am not an oil industry expert but I have seen actual $4 Proven to $13.40 Proven deals posted on this board - so I feel pretty good about where we are right now.
I understand - myself included - it's just hard not to feel jaded by Mr OTCBB MM after all this time - 5 years for me!
That's just a natural skepticism we need to get rid of!
I'm more pessimistic, we may go green to start, but will be retesting lower .60's. Makes no sense to me, and I would love to be wrong. But, I've seen it drop too often on positive PR's, so I won't believe a rise in SP until I see it.
That said, looking at the chart of the last several months, we would appear to be ready to take the next step up, so perhaps after the fall back, we will finally get the volume increase to precipitate a good boost in price.
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