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Xcite Energy is a buy at 115.5p – target 140p

By The Closet Chartist | Friday 11 October 2013


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


On a fundamental basis Xcite (XEL) strikes me as a binary bet. Either its vast (but deep water) oil is worth a fortune and the shares are worth a multiple of today’s price or there is some issue we do not understand and the shares are worth buttons. There is no middle ground. The charts, however, give a steer for the short term at least.



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