MXP

After giving us a hefty 12.22% return in just over a week when we tipped it in June, the oil company released some fresh news saying it might have found the equivalent of 250 million barrels of oil at its Kuzbak prospect in Kazakhstan.

The news saw the share price rise above the 200p mark for the first time in its relatively short history. After a quiet few months, this stock had began to rally strongly three months ago and has been looking better ever since, despite the temporary suspension of drilling in Zhana Makat. Credit Suisse holds a large stake in the company. Traders at Global Trader reckon the price remained pretty robust during last week’s choppier markets, given the good price estimates and in spite of the recent resistance around the 190p level.

ACTION: BUY Max Petroleum • Target 230p • Stop Loss 187p

TIME TARGET: 6 WEEKS