Providence Resources Share Discussion Threads

[burtond1] 30/9/2018 14:47

https://twitter.com/tmsreach/status/1046395091395522560?s=21Worth a vote??

[1cagney] 30/9/2018 14:17

Hi pap, apologies for my moment of intolerance. A companies history and prospects are not based on charts but on fact. I hope you're invested here to make some cash.

[papillon] 30/9/2018 14:10

offerman 29 Sep '18 - 12:08 - 56187 of 56196
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"Zak also said its overbought will drip to 15 before rising again.

My query is what does he mean overbought"

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He's going by a chart technical indicator, offerman, called the RSI (Relative Strength Index). It's currently approaching 100. Anything over 70 is classed as being "overbought". However sometimes shares can stay "overbought" (ie over 70) on the RSI for a very long time! Often one has to wait for the RSI to start dropping before taking it as a sell signal. The RSI is not dropping at the moment, but who knows what will happen on Monday? I know a lot of posters will poo poo chart signals as a complete nonsense and they may well be correct, but many share traders do use them as a guide, though they are not an infallable guide. Make of it what you will.

Me? I'm now only a small time and infrequent gambler on shares who has had a punt on AMYT and smaller punts on LOGP & PVR. I did cash in my profits on LOGP & PVR on Friday, but have kept my original stake money invested in both companies as they appear to me as being very undervalued on their potential prospects. I have gambled more money on AMYT and it wont be known until sometime in December (when the interim phase III trial results are announced) whether I have backed a winner, or a loser!

[papillon] 30/9/2018 13:41

1cagney. I'm only posting MY opinion, just like others, including you, on this bb. Filter me if you don't like what I post. It's simple enough to do.

I have no idea what the PVR share price will do tomorrow, srvsrv. For all I know we could have a white candlestick for every day next week! All I'm saying is I have only come across one instance before where there have been more than 7 consecutive daily white candlesticks. I'm NOT saying it can't happen!

Whatever happens to the PVR share price next week; whether it continues to rise, or pauses for breath due to some short term profit taking, I agree, srvsrv, that the "underlying trend is rising" and the PVR share price could be on course to rise as per the HUR share price back in 2016.

My personal opinion, for what it's worth, is that we are currently on the 3rd Wave (Up) of a longer term 5 cycle Elliot Wave. The 1st Wave (Up) was 9 months ago following the initial report on a farm out deal. Then the PVR share price rose from circa 6p to 13p. A rise of 7p. Often (but not always), by EWT, the 3rd Wave (Up) is around 1.6 x the 1st (= 11p). That would give a short term target share price of circa 8p (the share price low earlier this year) + 11p (3rd Wave length) = 19p. There would still be a 5th Wave Up) to come. This of course is only my opinion. Only time will tell whether I'm right, or wrong. Whatever happens the 3rd Wave in an an EW Cycle is NEVER the shortest.

[srvsrv] 30/9/2018 07:04

papilion: I'm just saying that the shareprice should rise Monday (Zak said if it closed above 17p to the weekend (as it did) the road to 25p is open) - but of course not sure. It is not important for me whether it rises Monday - as long as the underlying trend is rising - from 10p to 40p as for HUR

[1cagney] 30/9/2018 00:47

Oh ffs pap chill out. This is rediculous. Most here know what they're doing

[papillon] 30/9/2018 00:33

Here's the HUR chart for the period you mentioned, srvsrv. It covers the period when the HUR share price went from 10p to 40p. I can't see 8 consecutive white candlesticks, can you? Yet the HUR share price rose 4 fold within around 5 months. I'm NOT saying you wont see 8 consecutive daily white candlesticks on the PVR chart on Monday, I'm just saying it's very, very, rare to see 8 consecutive white candlesticks on the daily chart of any share. PVR might be the exception that proves the rule for all I know.


free stock charts from uk.advfn.com

[papillon] 30/9/2018 00:16

srvsrv 29 Sep '18 - 11:25 - 56186 of 56191
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papillon - but the valuation of PVR has also been very very low compared to the assets.

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But I DIDN'T say PVR's valuation is "very very low compared to the assets", srvsrv, now did I? All I said was if you look at as many share price charts as you care to, over as long a period as you like, it's very, very, rare to see 7 consecutive daily white candlesticks and even rarer to see 8 consecutive daily white candlesticks. For all I know we will see 8 consecutive white candlesticks on Monday and 9 on Tuesday, but going by past experience the odds are against it. I can't predict the future, so I can't predict Monday's candlestick. However whatever Monday's, or Tuesday's, candlestick is I have NO DOUBT that PVR is currently undervalued on it's potential and prospects and whatever the colour of Monday's, or Tuesday's, candlestick that the PVR share price will go higher than it currently is, probably much higher.

I'm NOT basing my argument on any chart based prediction, like Zak Mir is. I'm NOT making any prediction based on a chart pattern, or signal, or indicator. I'm just looking at the odds of 8 consecutive daily white candlesticks based on previous experience. You mention that the HUR share price went from 10p to 40p "within few months" under similar circumstances. As a matter of interest did the HUR chart show 8 consecutive white candlesticks at any time during that "few months"?

[1cagney] 29/9/2018 18:25

Ignore the charts guys. Look clinically at the company, it's board, it's assets it's partners, it's financial position, it's future plans both confirmed and not yet confirmed. Make investment decisions based on fact and not charts. Let's hope that next week at least supports this week's gains.

[funtimejonny] 29/9/2018 17:22

Agree 210%

[phoebusav] 29/9/2018 15:06

I'd ignore Zak. He's just talking technical piffle as usual and ignoring fundamentals. If the fundamentals are right a stock can rally hard for a very long time with total disregard for any so called technicals. Different timeframes and different indicators can give very different conclusions. On a ten year chart both PVR and LOGP look set for a monumental rally. The fundamentals agree.

[srvsrv] 29/9/2018 14:14

when hurricane energy simarily had their funding in place for their drilling the share price rose from 10p to 40p within few months...

[offerman] 29/9/2018 12:08

Zak also said its overbought will drip to 15 before rising again. My query is what does he mean overbought , people have obviously been buying for a reason which is because of the excellent tie up BR news. People have bought got a reason so not sure its overbought. I would expect a lot more buying toward year end and especially in run up to drills .

[srvsrv] 29/9/2018 11:25

papillon - but the valuation of PVR has also been very very low compared to the assets.

According to the below we are heading for the 25p as we finished above 17p.
hxxps://www.share-talk.com/share-news/share-talk-bulletin-board-heroes-28th-sep-2018/?utm_source=twitter&utm_medium=social&utm_campaign=SocialWarfare

[papillon] 29/9/2018 11:20

If you study share price charts, srvsrv, you will see that 7 consecutive white candlesticks is very, very, unusual. The most I've ever seen is 8. Even if the rise is to continue shares often pause for breath and a black candlestick, or a doji, will be seen.

[srvsrv] 29/9/2018 10:13

7 days in a row with a rise:) - should continue Monday.
Onwards to 25p

[funtimejonny] 29/9/2018 08:29

If it bscsme known that APEC were buying shares in the market, IE if they crossed the 3% threshold, the share price would go through the roof.

[riley9] 29/9/2018 07:26

Offerman - no idea. I do think that apec will likely table a bid for the whole lot if the first couple of drills come up good, and if I were them and rules permitted I'd be buying up every share I could get my hands on.

[steelwatch] 28/9/2018 23:50

Isef - this is more akin to round the world coracles!

[isef0001] 28/9/2018 23:13

steel: Yes! A jockey has to stay on the horse over every hurdle to win the Grand National! The old nag PVR has successfully jumped most of them so far, though the jockey was lucky to stay aboard over the Litigation and Loan Payback fence. The Barryroe Water Hurdle took some careful negotiating too. Go you little stayer, PVR!

[steelwatch] 28/9/2018 22:30

Bump - who says I'm sensible? Still locked in here, but pleased the auld Explorer working its way through the field from the back.

[bump3r] 28/9/2018 21:56

Not sure steel holds many any more.Sensible chap.

[funtimejonny] 28/9/2018 21:19

Only on Sundays and holy days of obligation !

[1cagney] 28/9/2018 20:16

Steel is it normal that this board attracts morons when there's any decent movement?

[recordz] 28/9/2018 13:14

The old 700 is now 92.I think I worked it out right.
Oil price was over the 100 mark at the time of the highs here.