Zak Mir Video Blog On Bulletin Board Heroes: Range Resources, Union Jack Oil and Westminster Group

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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:

Range Resources (RRL)

The shares have delivered a narrow bear trap rebound this month from below the former July 1.31p floor and the 200 day moving average at 1.27p.

While there is no end of day close back below the 200 day line one would be looking for a top of April price channel target as high as 3p on a 1-2 month time frame.

Cautious traders might wish to wait on an end of day close back above the 50 day moving average at 1.6p before going long.

Union Jack Oil (UJO)

The post May consolidation appears complete after the gap to the upside at the end of May and subsequent multiple support points at the floor of that month’s trend channel.

Above the May price channel floor / 50 day moving average at 0.33p suggests a possible return to the 2014 resistance line projection currently pointing at 0.55p by the end of October.

Cautious traders would wait on an end of day close back above the September peaks at 0.42p  plus before going long.

Westminster Group (WSG)

The shares look to have stabilised after an extended decline within a broadening triangle in place on the daily chart since April down to 37.5p.

The best way forward now is to assume further recovery attempts while the triangle floor remains unbroken.

Only cautious traders would wait on an end of day close back above the 10 day moving average at 42p before taking the plunge on the long side and targeting the zone towards 60p / former August resistance.

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