Chart of the Day: Andalas Energy and Power

1 mins. to read
Chart of the Day: Andalas Energy and Power

Having been trolled for Tweeting regarding a possible turnaround on a technical basis at Andalas Energy last week, I thought it was only fair to go for a formal look at the charting situation, if only to wind up the troll even further…

Andalas Energy and Power (ADL): Potential Broadening Triangle Reversal

It has to be admitted that at times in the recent past one might have been in the brace position as far as the fundamentals of Andalas Energy are concerned. The situation on this basis is currently something which, as a technical analyst, I am happy to sidestep – although we are of course trading in the aftermath of last week’s announcement of Indonesia’s national energy company Pertamina approving Andalas Energy’s Tuba Obi East proof of concept work programme. Just how much of a breakthrough this is remains to be seen, but at least it can be classed as positive newsflow for long-suffering shareholders. The charting position over the near term shows a bear trap rebound from below the former June 0.145p low. If we get a decent end of day close back above the 50 day moving average at 0.16p one would be reasonably confident of progress towards the top of the May broadening triangle at 0.23p. But remember the positive setup only remains alive while 0.145p support is held.

Andalas Energy

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