Bowleven next for the fireworks – SBM adds to Conviction Buy position

Pretty much all of the stocks we covered in our Dream Oil Explorers portfolio have stuck on 20-60% in recent weeks – Heritage, Gulfsands and Xcite being in the vanguard but the one outlier has been Bowleven.

Volume in the stock has been woeful during the dog days of August but there does seem to be a little action in the stock today (see chart below with the volume spike). The “ol traders gut” tells me that we are going for another assault on the 74-75p level in the coming days and as with XEL at 85p, we add to our Covnviction Buy today. The bull case is laid out here on page 62 – http://issuu.com/spreadbetmagazine/docs/spreadbet-magazine-v6_generic?mode=window&pageNumber=1

10 day hourly chart