Bowleven rises on strongest volume for some weeks on a quiet Monday…

Spreadbet Magazine has been a big proponent of Bowleven in recent months, advocating a Conviction Buy on the stock on the 6 June @ 59p and adding last week at 68.5p.

We can see in the chart below that a “saucer bottom” has been in the making over the last few months following the swift collapse of the approach by Dragon Oil. Many analysts had put a price tag of between 180-220p on the stock in the event of a conclusion to those takeover talks. Volume in recent days has picked up and it is strikin that they are strong today with over 3m shares traded already on a quiet Monday with the US closed.

YTD Daily Chart

With the stock trading at around a third of most analysts estimates of true value for the shares, this is one share we are very happy holding in our portfolio.

Editor