C.N.X. - Carbon Energy Ltd.
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     dug
Member
Username: dug
Post Number: 3327
Registered: 07-2005Rating: N/A
Votes: 0
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| | Saturday, August 09, 2008 - 04:30 pm: |  
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I'm "into" Green Shares.New Age/Wave Save the Planet type "stuff".
CNX did a substantial retrace on Thursday chiefly based on a said to be misleading News/Announcement.
I find this interesting.The effect of a single story on a share's progress,or in this case,Decline.
Long Term-one Year Chart-
I find the Number of Shares/Holders "In Profit" from Long Term Holding "significant".This has been bought for 10/20 cents by any "Accumulator".
One must realise that CNX had a "change in Business Direction" in May 2008ish.It went from a Uranium/Nickel/Copper "explorer",called Meat Axe[or some ding!],code MEE then raised some $30mil from IPL [$11mil for 55mil# shares]and 40cents each for 55mil# from d'Dreaded Sophisticated Investors,so MEE could get to be CNX.
It has approx 450mil shares on issue for a $180 mil [now] Market Capitalisation.
CNX is one of them,Clean Coal Technology Runners.It flies with LNC and CXY.
and has this wide ranging scenario happening much too long for explaining in one post so I'll continue later,tomorrow maybe.
cheers.
Even 'til Jaded.
Dig for the sake of it.
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dug
Member
Username: dug
Post Number: 3328
Registered: 07-2005Rating: N/A
Votes: 0
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| | Sunday, August 10, 2008 - 12:44 pm: |
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As stated,CNX declined/retraced Thursday because of "Negative" comments by Qld Gov't Officials.CNX,however,was NOT referred to specifically only LNC but CNX suffered the greatest Fall and more importantly didn't regain some of it's fall very much on Friday.
LNC came back Friday.The Gov't Official line was clarified in later releases so the question arises Why did CNX continue wallowing some 40% down on earlier in the week?
I think LNC is very over valued.I think that it's use of Russian Technology is "dubious".I distrust and am wary of these Andrew Forrest GunnerBees with substantial holdings in their companies like Pete Bond and LNC.
In contrast,CNX is working with the CSIRO on new,perfecting Technology.Unlike LNC,CNX is not involved in Tenement Coal Disputes.I think,in my opinion that CNX is way more "reputable" than LNC but I won't go raving on about this.
Now there's a lot of caught,distraught Holding Pilgrims out there.Lot of the BBQ set averaged down on Thursday and Friday and there'd be a lot of holders with an average price of 50cents or more even after doubling down.
In May 2008 some 55million shares were issued to Sophisticated Investors at 40cents.
No doubt these were distributed a lot since at 50cents plus May to Now.I would think that these Placement shares are forming the reason for the current 40cent Resistance.Sophistos Breaking Even.Sophistos aren't very "Loyal",they are not Long Time Holders usually so the Drop is all the motivation they need to Ditch and Move On.
I would think that any Long Term Holders from pre 20cents also would be cashing out for their profit on this major reversal occuring in these troubled times.
Who is Buying then?Seems to me that other than Double Downers,there's a lot of chancers including T3 ers who expected a rapid rise back to 50+ even on Friday if not Thursday Afternoon.
These "reasoned" that as the newspaper story was "wrong",that all the Dills would sell in panic while They d'Cool Ones would soak it up and get a quick 50% in a Flash[40 to 60cents].Oh the swaggering arrogance ofya average Warm Pig!!
Friday was a Troubling Day.Despite that Candle and it's reading as showing a possible reversal pattern,the Fact is that there was
No Penetration 50% into Thursday's Candle;
there was Increased/Equal Volume Friday to "Bad Newz" Thursday,yet there had been retraction/qualifying of the news item.
To me the decline in price CTX is not yet over.There is a possibility that Short Term buyers late last week will become impatient,fall into loss and keep feeding Supply Sells.That Gap under 30cents may be for Filling and getting Entry.
I think this will have difficulty cracking thru 40/45.So naturally I'm looking for a profitable trade short term of low 30's to that level.
Seeing as some 25million shares turned over late last week,I'm wondering if a Substantial Holder Change Up or Down may issue Tuesday/Wed.[1% change notification is due on a Buy/Sell of some 4.5million shares in CTX]
Anyhow,overall I'm on d'Wait'n'Watch while I do some further research on what on earth CTX is actually trying to do.
cheers.
Even 'til Jaded.
Dig for the sake of it.
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