2 years of bull run n now it seems traders have lost interest in oil counters. Demand destruction, falling oil prices, bleak n uncertain outlook all contributed to pessimistic views. Again, we cant deny their good fundamentals n the fact that oil price will go back up very soon. The recent fall from $6.05 to $4.82 have brought SPC back to the base of the last September rally wave. Is this the end of the fall? Or is this the start of a major correction?
For the past 2 days, SPC traders have shown uncertainty. Every strong wave down, we see optimistic traders bringing back a correction thinking it was oversold. But the past 2 days showed exhaustion n doubt in near term rally. Today, low volume and little movement provide catalyst for a likely surge on Monday.
A particular reason that some traders relate this fall to is the sell down by issuers due to expiry of a warrant on 28th oct, which is today!!! If this is true, it is further evidence that SPC would have found support at $4.82. Have you entered for a possible ride up?
Dedication to Mr Pee
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