Heritage Oil news imminent? Potential chart breakout pattern

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Following our feature piece in this months issue of Spreadbet Magazine and the rare Conviction Buy recommendation we made, it is encouraging to see Hoil making progress relative to both the Oil E&P sector and also the FTSE – the first time this has happened in months.

Looking at the chart above which indicates a break to the upside (ideally a close over 150p on decent volume today will confirm this) through the flag formation that has been in the making over the last 6 weeks, it looks like news could be imminent – perhaps an update on the Miran drilling or news on the bidding for Shells Nigerian oil fields that were put on the block by the company recently? The RSI breaking back up through 50 is a positive sign too.

The absence of both Directors buying and also the ‘discretionary’ share purchases in recent weeks by the company’s broker could be a smoke signal….

 

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