technically very bullish / story bullish also!

I always like it when the TA (Technicals) and the FA (Fundamental Story) Sync up ... Like they have now for CTP.

So.... from a technical standpoint the stock is looking very bullish right now we. As you can see below we have a higher low in play at 42c yesterday ...

In fact there is a series of high lows denoted by the string of green circles shown below. This means that the stock rallied then retraced but the low point was higher than the original price action low point before the spike... Ie, the bears were not able to drive the price back down to 40c.

This is a tell tail sign of accumulation. We had a nice (text book) drop off in Volume (Bottom Orange line) during the last retrace before today's announcement which shows that the sellers were less willing to come down to meet the price action. In fact had we not made the announcement today the I suspect the price would have rallied anyway back up to retest 51c.

So now we have an upwards trendline established (Upper orange line) which will form an area of support so when the price action approaches this line it will attract significant increases in buyer interest.

Note: A "Close below this line will void the trendline


Personally I expect we will roughly follow the trajectory of the Blue arrow over several days. We should find resistance at or around the 51c level ...it may take a few attempts (or even an ann) but I believe we will break above 51c and a new upwards leg of the trend will be born. I also suspect we are in the early stages of a major uptrend in the shareprice which may last several months.

From a Fundamental perspective:-

As prev mentioned we have at least the following :- list of the upcoming news flow for CTP in the short term...

1. Finish the MT Kitty well.
2. Magellan deal approved (before end for March)
3. Spud Surprise East
4. Seismic evaluation due from Total and Santos
5. Forward plans for Total JV and Santos JV (including drill timetable)
6. First shipment of oil from Surprise West



Personally I can't see any reason to sell CTP in the short term ... I continue to accumulate.