88E at key level 22c. Watch and wait.

88E is now at a key level- 22c, which is forming a base around the 50d MA. News out recently with a lack of success in finding oil is being balanced with possible future finds, and also the fact that it is a favourite stock among a number of news groups and investor groups. The drilling season for a few of its key wells is coming to a close, so this is a good time to watch for consolidation and whether it breaks the 20-22c support level . A break could indicate it will fall back to 11-15c until further news appears on the horizon.