Zak Mir on Small Cap Oiler favourites – Xcite Energy, Bowleven, Gulf Keystone, Gulfsands Petroleum & Rockhopper

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Xcite Energy (XEL): Bullish

Shares rocket on news of Statoil / Shell partnership.

Second, higher support in April above 60p was a “flag” of the impending deal and a break higher for the stock.

Best case scenario target towards top of 2013 price channel at 105p over the next 2-4 weeks.

Bowleven (BLVN): Bullish

Extended base after November gap to the downside through 50p

Current triple moving average golden cross buy signal between 10,20 & 50 day lines.

Target towards November gap at 50p / 200 day moving average at 45p “minimum”.

Gulf Keystone (GKP): Bearish

Tentative basing seen in the near term towards 90p zone.

Ideally, a break of the 50 day moving average at 111p is the buy trigger for a sustained rally.

10 day moving average at 93p the ideal support zone on the latest retracement.

Gulfsands Petroleum (GPX): Bullish

Triangle formation rebound via a gap from the 30p zone.

Current consolidation likely above 200 day moving average at 52p.

Best case technical scenario at this point is the top of the broadening triangle at 80p.

Rockhopper Exploration (RKH): Neutral

Triangle formation rebound from the 90p zone

Limited initial rally towards former 110p – 120p which was support zone on the way down.

Upside towards 110p – 120p on the next end of day close back above the 20 day moving average at 98p.

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