Angus Energy: Above the 50 day line targets up to 16p

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Angus Energy: Above the 50 day line targets up to 16p

There is an interesting shuffling of the fundamental pack as far as Angus Energy (LON:ANGS) is concerned, it has been announced today.

It is difficult to know whether to laugh or cry on behalf of investors in the South of England oil & gas story, where it may be said that there has been something of a rollercoaster ride of late. This has come in the form of both what lies under the ground, as well as the volatility in share prices of those companies tied to this space.

Perhaps the best thing about Angus Energy is that it came to the party after all the mania regarding Horse Hill had died down, so in many ways one can say the company has been able to steer itself happily without hyperbole, so to speak. The latest news from Angus Energy is regarding Alba Mineral Resources, where the latter has bought 5% of Angus’s interest in the Brockham Field.

Clearly, the market has so far given the move the thumbs up, with the share price of Angus pushing up through its 50 day moving average at 9.9p. This follows an extended period of consolidation from January/February resistance through 14p. The view now is that provided there is no end of day close back below the 50 day line we could see Angus head back to the top of a rising trend channel from November as high as 16p over the next 1-2 months.

ANGS chart

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