Zak Mir Video Blog On Bulletin Board Heroes: Gulf Keystone, LGO Energy, Rose Petroleum and Westminster Group
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Spreadbet Magazine editor Zak Mir takes a look at the technical position of some of the bulletin board stocks of the moment amongst private investors.
Here are the key points from today’s video:
Gulf Keystone (GKP)
The shares have rebounded with what could be a key higher low for November above 60p.
The likelihood now is that we shall see another attempt at breaking the 80p March resistance line.
The target over the March line is seen as being the 200 day moving average at 92p over the next few sessions. The stop loss is an end of day close back below the 10 day moving average at 72p and should be enforced strictly given the trend for the year to date.
LGO Energy (LGO)
We have seen LGO Energy shares go into consolidation mode towards the floor of a rising May price channel at 4p and well above the 200 day moving average at 2.78p
The latest price action suggests a possible positive consolidation with as little as an end of day close above the 50 day line triggering a new leg to the upside.
Cautious traders would wait on a clearance of the 50 day line before targeting the main 6p plus 2014 resistance zone.
Rose Petroleum (ROSE)
The shares look to have delivered a very positive November bear trap rebound from above the August and October 2.5p zone support and the 200 day moving average at 2.16p.
The best way forward now is probably to look to buy into any weakness towards the 2.5p zone.
An initial target is towards the July 4p resistance zone is expected, especially on any swift break of the 50 day moving average at 3.11p this month.
Westminster Group (WSG)
The October / November double bottom at 25.5p looks to be strong enough to maintain an intermediate rally for Westminster Group.
An end of day close above the 50 day moving average at 36p is the technical buy trigger for the cautious even though clearing the 10 and 20 day moving averages in recent days should be enough of a buy trigger for most traders.
The upside is seen as being the top of the falling 2014 price channel towards 50p over the next 2-4 weeks.
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