The clock is ticking a bit faster now IMHO. Friday week we are...

The clock is ticking a bit faster now IMHO. Friday week we are expecting the reserves report and quite honestly I will be amazed if the land sale goes through before that.

POO continues it's uptrend and my opinion is that it will settle in the $95.00-$105.00 range for a quarter or so unless there are dramatic developments in the middle east which would create a spike.

Looking at the price action this week we saw a little midweek profit taking and then a surge of buyers coming in on Friday.

Probably traders positioning themselves for the sale news and more than likely a few day traders gritting their teeth and holding overnight as well who will add to the liquidity in the sell side in coming weeks now most serious sellers seem to have closed their positions.

Given the sell depth is now so thin anyone looking to secure a major position now will have to pay a premium and IMHO it will put even more pressure on the price next week.

I think our recent upward momentum will continue strongly for the forseeable future if not translating into a complete breakout depending on demand and liquidity of shares on offer.

Looking further ahead for an exit strategy I await the land sale news to determine how far the share price will travel. In the short term I would expect next week's candle to break the downtrend from April 15th 2011 and push up towards initial resistance at 70 cents.

Interesting to note on the week of April 1st TXN went from 69 to 92.5 cents in a week on volumes of just 7.5 million so anything could happen on the weekly really once we establish support at 70 cents.

Two year weekly attached

Also interesting to note after that large spike back in April 2011 there was a huge selloff following the release of the annual report on April 21st 2011 which really made quite good reading to me.

http://www.texonpetroleum.com.au/Documents/Investor/AGM2011/tplnomp11.pdf

Sometimes the market can seem quite irrational and having said that this post is entirely speculative in nature and I could be completely wrong! You know the drill DYOR!