Morocco is set to see a lot of drilling activity from oil and gas companies during 2014, including some of the big players such as BP, Chevron, Genel and Cairn. But it is a small AIM company called Fastnet Oil and Gas (FAST) which has recently got my attention.
As far as the price action of Fastnet Oil & Gas (FAST) has been concerned over the past couple of years that the direction has been split along annual lines. By this it is meant that while 2012 was a year which witnessed a massive spike to the upside from around 12p-30p plus peak to trough, last year it was basically downhill all the way from 25p plus to around half that level by the end of 2013. What now?
AIM listed oil explorer Fastnet (FAST) has seen its shares go nowhere fast for six months but one or two normally astute buyers in the sector are, we hear, nibbling. The stock is a trading buy at 18.25p with a 30p short term target.
The chaps behind Fastnet Oil & Gas (FAST) were behind Cove Energy (COV) – one of the few AIM listed oil juniors to deliver mega gains for shareholders. Commissioned researcher Edison today suggests that Fastnet will follow the same path. It has initiated its coverage of the stock at 18.75p and set a target price of 41p.
While one of the most difficult things to do as far as any stock or market is concerned is to pinpoint the exact timing of a resumption of a powerful move to the upside, one of the best ways is to select as many plus points as possible-with three of more technical ticks normally meaning that a fresh rally is just around the corner.
The very interesting breakout session with Fastnet.
Oil and gas stocks may be unloved but Ireland based AIM listed Fastnet Oil & Gas (FAST) has its fans.
It has not been a good month for fans of anything which comes out of the ground. We started off with a crash for Gold / precious metals, although arguably it was mining stocks that only led the way down, but also feel even more painfully before their respective underlying markets.
