Share price started moving since 6/12/2013, and the 4th big candle was on 13/2/2013. No announcement yet. But good outcome of Block 50 Oman Drilling was speculated, which is why the share price has gone up from ~RM2.10 to ~RM2.70, nearly 30% in just one week.
With no drilling results announced and this kind of share price movement + volume, I have thought the same -- good news from the oil drilling project.
Following that, 2 black candles are drawn on the daily graph, 16 and 17 Dec 2013, with low volume. This would be a normal "washing" process, from my experience. I wouldn't even mind if I hold the share.
What is really scary is the 3 big black candles after that, accompanied by huge volume and big drop.Yet, no news were announced on these date -- 18, 19 and 20 Dec 2013.
Then, on 23rd, the company requested for suspension of trading.That's it. A request for suspension of trading, in Bursa Malaysia, if the day before the price is a big drop, then it just mean that the news to be announced are bad news. As simple as that.
Even worse, on 24th, a further suspension was requested.
On the same day, the results was announced.
On 26th, open low + top volume stock. That's it.
Personally, I do not believe this is part of the washing process, to use a failure in oil exploration to wash out retail investors. What I look at this is that the "big fish" is far more aggressive than I thought -- already know the drilling results before 23rd, for sure, then goreng up the stock 3 weeks before that: 1 week goreng up + selling, 1 week kept selling (hence big drop), the last week announced results.
After all, I wouldn't touch this stock.
-30.44%
n00bpelabur
Major shark activities and inside information happen. Damn pity for those that had been trapped.
2013-12-29 01:06