Equator Exploration - Sao Tome oil play

Timely reminder by chartist Zak Mir on 29th Sept. 05 ----- see below

"Buy Equator Exploration (EEL): Target 340p

Says Zak Mir of Zaks-TA.com
It is lucky that I am a chartist and have half a license to ignore fundamentals as I choose. Equator Exploration has just served up widened losses, although as the share price indicates, investors are not too concerned at the moment.

In the case of Equator Exploration it can be seen how the resistance line on the daily chart is projecting an ultimate target as high as the 340p level, something that would offer up a considerable upside from current levels. The only problem in the near term is the way that the automated Elliott Wave analysis had counted out the 5TH Wave of the up cycle and the RSI at 84 is very overbought.

Perhaps the best strategy in the near term would be for fans of the stock to go long with an end of day close stop loss below the green 10 day moving average now at 203p. Indeed, any weakness towards this zone should be regarded as an attractive buying opportunity. Only below the March support line / blue 50 day moving average at 171p would sound the death knell for what is shaping up to be a very attractive looking bull run."