Zak Mir Video Blog On Bulletin Board Heroes: MX Oil, Oilex, Sula Iron & Gold, Tern

1 mins. to read


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:

MX Oil (MXO)

The shares have consolidated via an extended probe towards the floor of a July falling trend channel 2.15p.

The likelihood now is that while there is no end of day close back below the 20 day moving average at 2.48p we shall see attempts at recovery.

Only cautious traders would wait on a clearance of the 50 day moving average resistance at 2.78p before targeting back to the November resistance zone at 4p plus.

Oilex (OEX)

We have seen Oilex shares rebound steadily from the floor of a falling May triangle / bullish falling wedge under 3p.

At least while above the 20 day moving average at 3.28p further upside could be seen.

The 200 day moving average at 5.90p could be a viable 1-2 month target if a relatively swift July resistance line break can be achieved over the next few sessions.

Sula Iron & Gold (SULA)

A fresh rally looks to be on the way after an extended rebound off a 2013 converging triangle towards 1.75p. Only below this level would now be regarded as outright bearish.

A weekly close back above the 200 day moving average at 2.48p could be enough to deliver a sustainable rebound.

Above the triangle at 3p on a weekly close basis should be enough to deliver a return to the main 2014 5p plus resistance zone.

Tern (TERN)

The shares have consolidated well after the September break of the 200 day moving average at 2.52p.

The best way forward now is probably to look to buy into any weakness towards the September price channel floor / 50 day moving average at 3.56p.

The best case scenario is a 2014 price channel top target of 7p plus over the next 1-2 months while there is no weekly close back below the 50 day line.

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