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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:
ASOS (ASC)
The shares have delivered a positive consolidation with a bullish falling wedge pattern in place on the daily chart since March.
While there is no end of day close back below the wedge support line at 1,970p a retest of the post summer resistance at 3,000p is possible.
Only cautious traders would wait on a clearance of the 50 day moving average at 2,249p before going long.
Range Resources (RRL)
The shares have regained part of the sharp late September bull trap failure through 1.7p.
The implied upside, while recent 0.85p zone support remains in place, is a return towards the 200 day moving average at 1.26p.
Cautious traders would wait on an end of day close back above the 10 day moving average at 1.14p before going long again.
Solo Oil (SOLO)
The shares have moved into a symmetrical triangle pattern between 0.8p and 1p, which should be a continuation pattern in terms of the recent break to the upside.
The best way forward could be to look to buy on any weakness towards the triangle floor at 0.8p, assuming that the big rally here will resume.
The upside for Solo Oil is seen as being as high as 1.8p after the recent 1p resistance is cleared.
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