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Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting
It stars the likes of Petrel Resources (LSE:PET), Leni Gas & Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) – day in / day out.
Leni Gas And Oil (LSE: LGO): New Support At Former Resistance
It is usually the case that the big winners in stocks of all varieties tend to be accompanied by extremely challenging price action. However, in the case of Leni Gas And Oil matters have been relatively straightforward from the initial technical 0.5p entry point, now nearly a month ago. This is said on the basis of last week’s successful test of former 1p July resistance as new support, something which implies that while there is no end of day close back below 1p, the 2012 resistance zone towards 2p is the 4-6 week target .
free stock charts from uk.advfn.com
Gulfsands Petroleum (LSE: GPX): Clear Bullish RSI Divergence
Bulls of Gulfsands Petroleum will most likely have witnessed from today a bear trap for the stock from back below the former October 84.5p intraday low. The bottom fishing idea is helped by the way that so far in November we have seen support coming above the last June bear trap low at 76.25p. This is our current notional end of day close stop loss as we back the idea of a rebound off the floor of a falling July price channel at 80p today. In fact, the main part of the bull argument rests not so much as the presence of former 2012 support, but more in the way that the latest low in the price window down to 80p has not been matched by a new low in the RSI window. Therefore it is on the basis of this bullish RSI divergence that Gulfsands Petroleum could be a bottom fishing opportunity at the moment. That said, with so much charting resistance just above 90p over the past month, it would be wrong to expect much higher than this over the rest of November.
free stock charts from uk.advfn.com
Petrel Resources (LSE:PET): Second Flush Out Below 20p
Second only to the mega spike on the daily chart of Petrel Resources earlier this month is the way that since that move which peaked out at 32.5p we have seen not one but two dips below the 20p level. This are clearly designed to ensure that anyone looking to casually gain exposure to a billion dollar situation if this proves to be the case, is not going to have an easy ride. While the second flush out below 20p should be enough to remove most of the weak diehards, it is actually the case that we have been treated new support on these traps coming in well above former 2012 resistance at 11.5p. While there may be further flush out attempts, at least as things stand, above the 18p resistance of Friday the shares should now head quite directly for a retest of the best levels of the month so far t 32.5p.
