Today witnessed the first round of significant trading in NWE ahead of the upcoming Perth Basin drilling. Twice the market tried to break through 10.5 cents only to see profit taking push it back down again. The trading will need to flush out those stagging their recent placement at 8 cents before we will see stock up to and past 11 cents. Bit of daytrading today as well so can't see today ending much above 10 cents. Need to watch for the third wave of serious buying which could be triggered by an announcement that the rig is on site and/or some media coverage in the West Australian. I still think NWE will be in the teens by the time the well spuds. Nice little rise in AWE today too. JBC
NWE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
