Zak Mir Video Blog On Bulletin Board Heroes: PeerTV, Stellar Resources and Union Jack Oil
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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:
PeerTV (PTV)
The shares have rebounded back through former June – July support towards 0.5p.
The likelihood now is that while there is no end of day close back below the latest gap floor at 0.52p we shall see progress towards the implied 2p plus 2014 broadening triangle at 2p.
The timeframe for the upside argument is the next 4-6 weeks, with any weakness towards the gap floor regarded as a buy opportunity.
Stellar Resources (STG)
We have seen Stellar Resources shares rebound sharply after Tuesday’s end of day close above the 10 day moving average.
The latest price action suggests a possible positive consolidation with the initial target as high as the 200 day moving average at 0.64p over the next few sessions.
Cautious traders would look to buy weakness towards the 10 day line before going long.
Union Jack Oil (UJO)
The shares look to have delivered a very positive rebound off the floor of a May broadening triangle.
The best way forward now is probably to look to buy into any weakness towards the 10 day moving average zone at 0.22p.
An initial target is towards the 50 day moving average resistance zone at 0.32p is expected, especially while the 0.22p 10 day moving average is held. The stop loss is just below recent 0.2p support.
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