Zak Mir on today’s oil opportunities; GPX, RKH & TLW
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By Zak Mir.
Oil Opportunities:
Gulfsands Petroleum (GPX):
- Extended post July base includes brief sub 50p bear trap
- Rising trendline in RSI window
- Bull flag consolidation ahead of 200 day moving average target at 82p
- Best case scenario on 2-3 month timeframe as high as 110p
Rockhopper Explorer (RKH):
- Current clean 200 day moving average break at 139p backed by August sub 120p bear trap rebound.
- Above 200 day line targets as high as February price channel top towards 180p
- Only sustained price action back below 135p July resistance delays upside scenario
- Weakness towards 200 day line currently a buy opportunity.
Tullow Oil (TLW):
- Extended, wide post March descending price channel
- Multiple failures below 200 day moving average, all near term moving averages falling.
- Sell into strength towards 50 day moving average at 1,035p
- Possible worst case scenario sell off towards 2013 price channel floor under 800p by the end of this year.
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