By Zak Mir.
Oil Favourites on AIM
The recent fall in the price of Crude Oil to well below $100 has seemingly taken some of the wind out of the sales of the oil & gas explorers. However, the issue now is whether we have reached the floor in Crude and this mini asset class? The question is particularly appropriate when looking at explorer favourites, Gulf Keystone, Xcite Energy and Bowleven.
Gulf Keystone (GKP):
- April price channel floor level with 200 day moving average at 172p.
- Double support in recent weeks sub 165p.
- Preferred buy trigger an end of day close back above 50 day moving average at 186p.
Xcite Energy (XEL):
- Support above 110p and 200 day moving average at 107p
- 2013 price channel target as high as 140p
- Chance to trade a breakout of recent 110p – 120p range
- Multiple 50 day moving average failures
- Decent 2013 price channel support towards 55p
- Buy trigger a close above 63p October resistance
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