Kris Energy has broken out of consolidation phase above 0.75 this morning. If it manage to stay above this, likely to see a rebound back to 0.800 to 0.900 range. Rising on stronger volume today also on the back of a Overweight report by HSBC which states that stock offers a 51% potential return. At this level, it has also cleared above the 20 DAY MA Short term line after more than a month which can signal some momentum in the coming days. A break above 0.800 could be further confirmation of the upwards retracement after the huge sell down last month.
Stop loss at 0.735.
13 February 2014
NEWS: *KrisEnergy: Acquires 1,300 km of 2D seismic data in the East Muriah PSC in the East Java Sea, Indonesia. Group holds a 50% working interest in the East Muriah PSC, which contains the East Lengo gas discovery and covers 3,751 sqm km in offshore East Java. This seismic acquisition preceds the drilling of an appraisal well planned for 3Q14.
13 February 2014
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