Fortune Petroleum (FPX) Message Board

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Gold/Mining/Energy : Fortune Petroleum (FPX)

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To: TD who wrote (180)	4/11/1998 9:53:00 AM
From: Joseph T. Worley	Read Replies (1) of 275

TD, I think you're right .... FPX will probably be pretty quiet until early May. Based on previous trading patterns, we should be at a low point here in the $1.50 range. IMO we should see good support here. We could break through this support to the low side if enough people get frustrated with the wait and decide to bail out but I doubt that will happen. That wouldn't make much sense with significant drilling activity scheduled to begin in less than a month. I think the traders and impatient investors are already out of FPX right now. Although the mood seems gloomy with this particular stock, this is probably a good time buy FPX. The stock will probably trade in the $1.50 range on very low volume for a couple of weeks and then begin a slow rise into the $2.25 to $2.50 range by early May. By the second or third week of May the stock will begin to move up or down based on the news that will begin to leak out regarding the progress of the drilling. If things looks positive the stock may float back up over the $3.00 level. This scenario is just my guess at what might happen over the next month or so based on the history of this company. Take it FWIW. Talk to you later, Joe

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