Have to remember with this kind of stock, it will start to get pushed around for a multitude of reasons. Not everyone holds the share for the same reason. The large drop after lunch happened on a total of less than 100,000 shares ... That could say half a dozen things, but the serious buyers had probably done their business and were basically finished for the day ...
The share had been pushed up most of the day by smaller punters who had obviously done their research and did not want to miss the boat ..... Some of the better trades of the day were still bought on the up, so there is a lot of positive sentiment atm.
The lower close was not ideal, but when it hit 38.5 I expected a selloff ........ Also don't discount the arbitrage trading between JV partners ..... I bet a few punters had bought AUT and EKA "prior" to selling ADI just in case it kept running .... then they got caught as ADI dropped, and had to cover their brokerage ...
All in all ... good results from the drilling, and positive lead from the trading ............ happy to sit and wait for the time being ..... if Easley is good, I dont think there will be a lot of selling at the current prices.
ADI Price at posting:
32.5¢ Sentiment: LT Buy Disclosure: Held
