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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:
The latest bull flag formation, including a gap to the upside, suggests that above the 200 day moving average at 0.71p could lead to a September 2013 price channel top of 1.25p on a 1-2 month timeframe.
Near term support is seen as coming in towards the 50 day moving average / pre August resistance at 0.5p.
The stop loss on the bull argument is an end of day close back below the 50 day moving average at 0.5p.
Shares of Bowleven may have finally built a base at the floor of a rising trend channel from March towards 32p.
The latest rebound is a narrow bear trap from below early August support at 32.50p.
At this stage only back below the March support line on an end of day close basis delays the eventual prospect of a return to the post June resistance through 40p plus over the next 1-2 months.
Falkland Oil & Gas (FOGL)
“Exponential” style breakout by Falkland Oil & Gas shares over recent shares through the 30p zone.
The best case scenario is that we have no end of day close back below the former August 2013 peak at 32p before a move to the top of a rising 2013 triangle formation at 40p as soon as the end of this month.
The stop loss on the buy argument is back below the 10 day moving average / former October resistance at 29p.
Leni Gas & Oil (LGO)
There has been persistent consolidation in the 3.2p – 3.8p zone over the summer, building on the massive and as yet unfilled gap to the upside from May.
The best case scenario is that we have no end of day close back below 50 day moving average / May price channel floor at 3.6p ahead of a move towards the 2014 price channel top of 6p on a 1-2 month timeframe.
Aggressive traders would use the initial August peak of 3.85p as their end of day close stop loss.
CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR H2 2014