Zak Mir on the FTSE, WTI and three small cap oilers – Gulf Keystone, Xcite Energy and Range Resources

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Zak takes a look at the FTSE 100 near 14 year highs and asks whether the big break to record new territory is finally on tap.

He also looks at Crude Oil, which appears to be set for a significant move after an unusually long period of consolidation. Related to Black Gold are the fate of UK oil & gas stocks, with a technical look at retail investor “favourites” Gulf Keystone (GKP), Xcite Energy (XEL) and Range Resources (RRL).

Here is a summary of today’s video.

FTSE 100: 14 Year Highs

Rising trend channel from October heading for 6,950.
Leading index still not overbought on RSI scale.
10 day moving average stop loss on buy argument.

Front Month Crude Oil (WTI):  Consolidation Complete

Surprisingly long period of consolidation either side of the $100 mark.
200 day moving average support backing the bulls.
Possible price channel target towards $110.

Gulf Keystone (GKP): Base Building Attempt

Extended range between 80p – 105p since early 2014 breakdown.
Gap down this week now significant.
Ideally 50 day moving average break would be a momentum buy trigger.

Xcite Energy (XEL): Sharp Turnaround

Likely mid move / bull flag consolidation.
Former March support at 80p in play.
December resistance line projection towards 115p best case scenario target.

Range Resources

Possibility stock is already in a near term broadening triangle reversal.
50 day moving average at 0.75p provides momentum buy trigger on recovery.
Target towards February resistance line projection / 200 day moving average at 1.42p if recent basing continues.

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