Xcite Energy breaks out. SBM Adds to Conviction Buy position

After seemingly being stuck at 77p-78p for weeks with warrants due to be exercised, Xcite Energy has suddenly perked up with a 6% rise to 85p. There’s been plenty of rumours of farm-in’s with BP, Statoil etc and precious little news out from the company on the extended well test in the Bentley Field for over 2 weeks now…

Meanwhile, volume is picking up and something looks to be afoot perhaps? Where volume goes – price generally follows in the AIM oilers.

Take a look at the 2 charts below that illustrate clearly someone getting in this morning. Knowing how leaky the markets are, there is always a reason for such moves and, given the woeful fundamental undervaluation of the stock and the clear chart breakout that indicates a move to 120p we have added to our Conviction Buy position (called at 73p on the 5 Jul 2012) today.

Intra-day chart

YTD Daily chart

Take a look at our record on the About Us page. We are in the process of seeding 3 dedicated “follow me” funds – 

1. A diversifed yet concentrated Oil Explorers fund

2. A diversified yet concentrated Natural Resources fund and

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3. A Special Situations/Global Macro fund.

If you would like details on this unique “follow me” system and how you can gain exposure to these funds ahead of an official launch, email us at [email protected] quoting “FOLLOW ME”.