Looking for a new closing high toward end of this week - Annual report due out by end of this month which will confirm/ show their % increases in revenue and Ebit which will show the market they are now worthy of a re-rating
Sellers retreating so should be a nice opportunity of breakout once we clear 3.3c
Management at Mitchell have turned this company around IMO - DYOR
now we need more drill rigs in operation around 50% in operation and we should be fine going forward - that simple more than a third of rigs operating we make money - less than 30% we lose money
WE WILL FINISH AT 32+ MILLION FOR THE YEAR according to the companies profit guidance and at 3.2c share its a good opportunity to get in before a potential move
if we are utilising minimum 30% of their drilling rigs we make profit and we currently sitting at 30% + ( just checked their report to confirm this ) - add in some of their new deals with Tier 1 companies l - solid revenue and a reason for a re rating
easy gains to be had here if patient - EXPECT THE ANNUAL REPORT OUT ON 29TH -30TH OF THIS MONTH
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