SBM MOVES TO CONVICTION BUY ON XEL – 73p

Our fellow blogger – Contrarian UK has spelt out the case on Xcite Energy on numerous occassions in our blog and we have also written about the company in previous editions of our magazine.

Aside from the fundamental backdrop, our traders gut tells us that the downside here is far, far less than the potential upside, certainly in the event of a move by any number of possible bidders. With this in mind, and looking at the chart below, we move to our 8th Conviction Buy recommendation today at 73p.

Early morning volume is heavy today…