Zak Mir Video Blog On Bulletin Board Heroes: Afren, Bowleven and Gulf Keystone

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Spreadbet Magazine editor Zak Mir takes a look at the technical position of some of the bulletin board stocks of the moment amongst private investors.

Here are the key points from today’s video:

Afren (AFR)

Afren shares remain under pressure after the massive gap to the downside in July through 120p.

The bear argument remains embedded while there is no end of day close back above the 20 day moving average at 103p.

Only an end of day close back below the 20 day moving average reduces the risk of a target towards the floor of a falling trend channel from May at 80p over the next 2-4 weeks.

Bowleven (BLVN)

Shares of Bowleven continue to struggle despite the apparently better fundamental position and newsflow.

The floor of a rising trend channel from March at 32.5p remains key in terms of the recovery argument.

At this stage it may be wise not to look for more than the 50 day moving average at 37p as an initial target while there is no end of day close back below the March channel.

Gulf Keystone (GKP)

An unfilled gap to the downside is seen after the latest H1 trading update.

The best case scenario is that we have no end of day close back below yesterday’s 70p floor  which may be the bottom of an extended March triangle.

The favoured above 70p is back towards the 115 day moving average resistance at 90p.

CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR H2 2014