BUY - Invictus Energy Ltd (IVZ)
*** GENERAL AVICE ONLY***
Trade Date: 25/10/2023
Recommendation
Entry price: $0.185
Target Price: $0.295
Stop Loss: $0.135 (25% Trailing Stop)
Rationale
Invictus Energy Ltd (IVZ) is an independent upstream oil and gas company. The company is opening rift basins in onshore Africa – the Cabora Bassa Basin – in northern Zimbabwe through an impact exploration program. IVZ announced strong gas shows and fluorescence encountered in multiple upper and lower Angwa reserviours. On the back of this news IVZ opened at 18c and traded as high as 20.5c. This is near the September high just before IVZ announced a cap raise. So looks like some weak longs from that price took todays rise as an opportunity to exit. This presents a good entry opportunity as IVZ is in a better cash position with a good news announcement but still has not broken out to new highs. Relatively easy to manage risk on the trade with a stop just below recent lows. Looking for a move back to 52 week highs from this entry point.
Disclaimer: The recommendation given is general advice only. It does not take into account your personal objectives, financial situation, or specific needs. This information should not be your sole resource when making such decisions. We strongly recommend you to seek the advice of financial, taxation, and legal professionals before finalising any investment decisions.