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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerFor 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.
"My favorite speculative choice for 2008 is InterOil Corp. (Toronto: IOL)," says Yola Edwards, editor of the technically oriented Yola Edward's Charts.
"The company is a junior exploration company involved in liquified natural gas. InterOil has partnered with Merrill Lynch Commodities, Inc. to develop a project in Papua New Guinea.
"InterOil's assets consist of petroleum licenses covering about 9 million acres, an oil refinery, and retail and commercial distribution facilities in Papua New Guinea. During 2006, the company announced a gas and condensate discovery, and doubled the downstream business by acquiring Shell's distribution assets in Papua New Guinea.
"The company announced a net loss of $17.9 million, or 60 cents per share (diluted), for the third quarter of 2007, compared with $7.3 million net loss or 25 cents per share (diluted) in the third quarter of 2006.
"Technically, the share price appears to be tracing out a three-year inverted head and shoulder's pattern and the weekly moving average convergence/divergence oscillator (MACD) is extremely oversold and trying to turn positive as it constructs the right shoulder.
"The stock appears poised to benefit from higher energy prices expected in 2008 and its share price should rally to resistance at about $35 over the next six months. A weekly close above the technical pattern's neckline at $42.25 would suggest a breakout with a potential target of about $70.95 over the ensuing year."
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