July 29, 2021 by Tom Linzmeier, editor – LivingOffTheMarket.com
Recon Africa (RECAF)* $9.02
LOTM: Ten Under $10 for the Double position update
The shares have moved dramatically higher in the face of global attacks from Environmental groups and an over-sized Short selling attack.
It has weathered the storm so far and at this point in time looks like it wants to move higher.
The company has the full support of the government of Namibia.
It appears that RECAF is in compliance with all requirements of Namibia, uses good environmental practices and is being a good global citizen. Its crime, is being in the oil & gas business.
Recon Africa, in cooperation with the governments of Namibia and Botswana, is 100% developer of what may be the biggest oil find of the last 30 years.
Technically:
The shares have absorbed a lot of misinformation, negative emotion and outright lies and still has an upward trending chart pattern.
Our pre-trade technical indicators, MACD, CMF and TSV, are suggesting another price leg-up could be in the making. Moving average triggers (real time indicators) are close but not there yet.
In looking at other oil & gas companies during the recent sell off, RECAF’s stock price has handled to the sell-off better than most.
Position Summary:
In the LOTM: Ten Under $10 portfolio we sold about 35% of the total position. We will hold the rest with a “let your profits run” approach.
Our cost of the Recon Africa position was $0.54 per share. The 35% position was sold at sold $9.88. We have recovered about 5X our original investment in less than twelve months. Let’s see what happens to the 65% share position we still hold in LOTM: Ten Under $10 for the Double.
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* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
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