Thanks, I'll check those out
??
RRL reached 23.5p on March 9th 2011, they have never been higher, so I can't see how you have an average of 27p. Unless you're broker is charging you 20% commission. It's a very high risk sector, share and market but if you can afford to, averaging down would be a good idea.
Mind you, why listen to me...............................................
As a cautionary story, if I had sold on that day at 23.5p, I would have made £64,0000 as I held 400,000 at 7.5p at the time.
Unfortunately I believed all the hype and inexperience told me to hold. I've traded hard in them since as they swing wildly and have "made" £30,000 on those trades.
Currently, I'm £20,200 in the red as I hold 317,000 at 12.9p. So if I sold tomorrow I'd walk away from the RRL story with a profit of £9,800. Not bad, but it ain't £64,000 so I'm staying long. My target is 50p and a £150,000 pay-day but the self-control I'll need to not sell in to a rise is, I think, beyond me.
Latest (credible) rumour is that there IS a significant find in Puntland but Horn (drill operators on behalf of RRL) refuse to release the full news until the end of May when the Horn directors have the prices for their share options set. They obviously want the share price as low as possible during May because the option price is determined on an average share price for the last 30 days. If they'd announced a 200 million barrel find last week, HRN would be trading at $4 and not $0.80.
Good luck to all. I'm going for a lie down. It's tiring work, this share stuff.
Tried L2 but I don't really trade enough to justify the £30 a month subscription.
Use the "Trades" tab on http://www.advfn.com which gives a good indication of market strength for a share at that exact moment.
I can't recommend enough how useful this site is. Check out http://www.nakedtrader.co.uk as he recommends it too.