I am sorry but I cannot resist this idea. I know I should not be getting involved in a stock like this which could halve overnight and leave me with egg on my face but nevertheless, it would appear that Ruspetro (RPO) is currently lining up for a recovery, or at least trying to do so.
It looks to me that there is a “bear trap rebound” (check out an explanation of this formation in my FREE “Top 25 Technical Triggers” e-guide on the Trading Guides page of this site) off the initial January 2012 red support line running through to 98p shown below. There also looks to be an uptrend in the RSI window, despite the last lower low for the stock – a positive technical divergence. An end of day close back above the 100p level on good volume will confirm the bear trap below the 100p level and would be the final buy signal here. But, even with a couple of hours to go until the market closes I cannot wait for such a trigger. If this really is the bear trap it appears to be, above 100p should lead back to the former June £1.20 support zone within a couple of weeks.
Editor Note – We have covered Ruspetro in previous editions of our magazine, noting the exceptionally low valuation on a boe basis and the directors purchasing activity earlier this year. We currently have a Conviction Buy call on the stock. Here is the link with further information underpinning this call (page 74) – http://issuu.com/spreadbetmagazine/docs/spreadbet-magazine-v9_generic