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Sunday, December 17, 2006

BPT - Beach Petroleum (ASX)

BPT has consolidated for 4 months within a large equilateral triangle forming a base from which a strong move is imminent. BPT has traded outside this formation hinting the direction will be on the long side. Compression of multiple moving averages and a bullish MACD / Stochastics relationship support that on a break of $1.48 will projet a target of $2.03