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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:
Gulf Keystone (GKP)
The shares have recovered after an October dive towards 40p.
The 10 day moving average / June support line at 50p is the preferred end of day close stop loss on the buy argument.
While there is no end of day close back below the 10 day moving average one would be looking to a journey to the August resistance zone above 80p as a best case scenario, even though the downtrend looks well entrenched.
Independent Resources (IRG)
The May gap to the downside from 6p has led to a saucer bottom impression on the daily chart in recent months.
The latest price action is a break towards the 200 day moving average at 3.71p.
While there is no end of day close back below the 20 day moving average at 2.38p the upside for the shares should be towards the May gap top at 6p over the next 1-2 months.
Wessex Exploration (WSX)
The shares look to have rebounded well off the floor of a notional range towards 0.5p since May.
The best way forward now is probably to look to buy into any weakness towards the May support line.
Only an end of day close back below 0.5p would suggest we could not see a best case scenario target towards 1.2p and the late 2013 resistance line projection over the next 1-2 months.
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