Meo Australia released their results this morning of the Zeus-1 drilling. The potential pay zone was 44m, but the results of the pay zone were less than encouraging with references made about wether there would be movable hydrocarbons.
This caused a panic and the stock was sold down to 12c. It has since recovered to 16c at the time of this post.
Buying at 12c on a daily oversold position could have lead to a very profitable day trade, just as Lynas' selloff yesterday provided when the stock fell to 10.5c and recovered to 20c only minutes later. This will lead me to my next post.
Tuesday, February 10, 2009
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