short term trading - week starting 25 feb, page-75

Entry for STT list

Hi Guys,

This is my first entry for STT thread so hopefully I have done it right. I am very long on BRU and with positive announcements hopefully see this up ~10-15%.

BRU has shown some real solid strength after one of its farmin well turned out to be a duster on monday (Cyrene 1 - KEY) in which it held a 37.5% share in. Recovered strongly the past 2 days and the afternoon rush showed that interest has flared. Expecting results form Yulleroo 4 well which will have a substantial impact on the prospective assets in the ground.

This is a onshore canning basin play that I hold for a long term play, however with impending results this week I believe it will be well traded. BRU is a WA oil & gas play that has great fundamentals. It is well managed and supported by the government. Possible a prospective takeover target as it develops its resource.

On technicals there is some real support loading up over the past 2 days, with bids increasing almost 7 fold this afternoon alone. The resistance is set at around 2.50 - 2.56 where the 50% fib retrace and the 195 EMA linger. A good announcement to push through this will hopefully see it return to above 2.74


Also riding QMN home, however believe it has already been mentioned in this thread.