australian stock report rates caltex as a buy

Caltex rated as a buy once price exceeds 17.05, saying it's been way oversold. It's the only oil refining company in Australia but the SP had suffered over the last month due to the recent lower than expected profit forcasts, which are 435-460 million dollars against the initial guidance of 455-500 million. Profits were down due the weak aussie dollar in November to December period, as it buys crude oil in US $. Also unplanned shutdown of refineries for maintenance meant a reduction in high profit transport fuels. Earnings are now coming on strong from their convenience store and credit activity. Selling volumes have decreased significantly and the RSI and Stochastic charts indicate that it was heavily oversold. Stop loss to be set at 13.70. First target zone set at 20.45 and second zone at 23.85. No copyright rules have been breached.