Trades and observations from a British contrarian stock investor

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Wednesday, January 19, 2011

Xcite due a bounce today

I may be sticking my neck out but I believe today will be the start of a strong move up. Level 2 looks good. The market makers tested down to 355p, but they'll try to move it back to 400p on the offer over the next few days. But if good rig news comes in over the next week then of course it's a different game. Xcite boredom may be over!

Post post note 10.30am:
Doh! Reminder to myself, don't try and become a crystal ball gazer. Focus on fundamentals and the share price will take care of itself! Feels like pre flow test where nerve was tested on constant share price pressure. But as gramacho's analysis posted yesterday showed we have a North Sea field investment which is worth more than £3.50 a share. Who know if it's £6 or £10 but I will stake my reputation that its not £3. If it goes below £3 then Contrarian will close this blog up!

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