CLICK THE IMAGE BELOW TO VIEW TODAY’S VIDEO
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:
Extended progress within the rising March price channel.
Initial support towards the 50 day moving average at 0.86p.
Top of channel technical target towards the 200 day moving average at 1.32p.
Massive gap down aftermath.
Disappointing narrow range days near the 35p level.
Dips towards 30p still hint at gap floor target of 45p as a best case scenario.
Initial dead cat bounce from below 40p / September price channel.
Gap fill and decline from 47.3p initially.
Cautious traders would wish to buy dips towards 40p for now.
Kea Petroleum (KEA)
Extended consolidation and break higher off H1 2014 price channel floor.
Likely initial support towards former June 1.68p resistance.
Best case scenario targets towards 2014 price channel top at 3p over the next 1-2 months with dips towards the 50 day moving average at 1.62p buying opportunities.
Edge Resources (EDG)
Failed gap buy signal from May underpins rally.
Latest bear trap rebound from below the 50 day moving average at 11p.
Above 50 day line targets retest of June 16p resistance.
Extended struggle below 40p / 200 day moving average after June spike.
Likely consolidation within a rising 2014 price channel based at 36p.
Cautious traders would wait on sustained 40p clearance before targeting a 50p price channel top.
CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR 2H 2014