CNE - Cairn Energy

I notice that Cairn Energy is reporting interims on Tuesday. The chart has been forming an ascending triangle and is poised to breakout one way or the other. Interestingly the AGM was held on 1st May and that also marks the breakout from the last consolidation.

Maybe this is one to watch?


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Oil and gas minnow Cairn Energy is expected to return clean net income of £19-22m when it reports today and news of discoveries and future plans will be anticipated according to the Daily Express.

From todays Sunday Times:

Cairn Energy: The company is looking for a partner to help meet the cost of developing its wholly owned deep water Annapurna project off the coast of India. The shares have had a good run over the past 18 months, but worries about the costs of development might weigh on the stock. There is talk of Cairn selling some assets or even succumbing to a bid.

thanks Riz - I noticed that following the news the market was less than enthusiastic about CNE and the future price direction is as yet unclear.

The news seems to reflect this too - good run versus take over speculation -> uncertainty.

With current market conditions good breakouts are not easy to come by though I still fancy selective stocks within the vehicle distribution and tobacco sectors for the short/medium term.
Hi Darth,

How about building and construction companies, thought you were doing some research on them... I think you're right about tobacco sector, looks worth to follow...

I'm afraid that I blow hot and cold on the construction sector - both the home building and the other construction companies like bby, kie, mwlm etc.
I'm not sure if the market knows either - some of the charts have showed broadening and symmetric triangles. It's ok for trading but longer term is not clear.

I'm trading BTB at the moment and hoping for a nice scalp if it doesn't break out.

I like the look of some of the food processing companies too.