And so, as 2013 nears its end, it seems only appropriate for me to take al look at the “bulletin board hero Oilers” such as Gulf Keystone, Xcite Energy and.
The million dollar question is will these stocks be dragged higher along with the rest of the stock market’s strong festive rally or, as 2014 looms, is there more pain ahead..? As things stand it would appear that from a technical perspective it is difficult not to give these stocks the benefit of the doubt as far as the bull argument is concerned for the start of 2014. Fingers crossed!
Gulf Keystone (GKP):
Weekly chart shows ongoing consolidation after early 2012 spike through 450p.
Plus points currently are the rising August 2011 price channel and rising 200 week moving average.
Above 50 week moving average at 175p probably leads back towards 200p, and then 245p 2013 resistance level, possibly as soon as end of Q1 2014.
Xcite Energy (XEL):
Consolidation after 2011 peaks through 350p.
Rising 200 day moving average and rising RSI trendline from May 2011 back idea of continued base building.
Likely range in place to start of 2014 of 90p – 135p plus.
Initial signs of regrouping by the bulls in the wake of the autumn breakdown from above 50p.
Late 2011 support line and early 2012 oscillator support line back the idea of an initial recovery from below 35p.
Upside seen as being towards former 2012 – 2013 support zone / 50p for early 2014.