Broker snap: Tullow is an 'explosive momentum growth play', says Prime Markets

14th Mar 2012 11:23

Prime Markets remains a buyer of oil and gas giant Tullow Oil after its impressive full-year results, saying that the stage is set for further growth."Shares have been in a flat to rising trend channel since October 2011, with lower resistance currently supported by the rising 100-day moving average currently at 1,410p, and trading close to the rising 50-day moving average at 1,458p," notes Prime Markets head of dealing Richard Curr.He said that, provided the shares close at or above the 50-day line, a retest of the mid-February high of 1,600p could be seen in the coming two to four weeks. "Tullow Oil is one of the most phenomenal stories from the sector for many years, and its amazing run of success in Africa over the past few years has been accompanied by stellar share price growth and returns for investors," Curr added.Prime Markets sees Tullow Oil as an "explosive momentum growth play, backed by the sort of impressive fundamental growth numbers normally seen in an explosive small cap growth stock."BC