Interesting post from Stockhouse thread today:
It is a fairly consistant pattern isn't it ezemoney. Down to 12/13 then up to 16/18, then down.... Seems that we are waiting to
find enough momentum to break through the 20 mark. If we can find that then watch out. Every time it tests and fails, people
bail out until it drops back down to 12/13, at which time, those like me who see it as a deal step in and maintain the support
level.
Yes, we started back up today, however, I am hoping that this movement might have a bit more momentum. What we need to
break that 20 level is expectations of positive news. We all know that the company has been looking at potential oil/gas sites on
the prairies. IR has told me that they have identified some good prospects and that news regarding drilling should happen very
soon. MEO sound very excited about these prospects. We own 50% of the Joint Venture. In addition, there has been a
significant amount of staking happening in Manitoba. To date, this has been very hush hush. Kennecott (in JV with MEO) does
not want to tip off the competition about what it is that they are doing and what they have found. There is a history of kimberlite
in the area.
Net-locate is still sitting in the holding pattern until the New Year but the big question is what is the outcome of the NY trip.
What IR was eager to talk to me about a month of so ago, they don't seem to want people to know about now. They have
something happening and don't want to let the cat out of the bag. I expect that December will bring more news.
I am hoping that this swing will coincide with some news or increase in expectations. If so, we should push through 20 and
create new support levels.
I have been watching this process happen with one of my other stocks, UBS-V. It has been months of aggravation watching it
swing back and forth - until last week when it suddenly jumped from 55 to 75 and then again today up to 82. It's a great stock
that has just started it's upward momentum with unbelievable upwards potential. I see MEO in the same light. If I have patience
to sit through the ups and downs while the company gets all it's ducks in order, I will be there when the news suddenly hits and
everyone is either smiling or kicking themselves for missing out.
(courtesy of alessard, whoever that is...) |
