Sound Oil: Key Support Towards 0.9p Held

Share On Facebook
share on Linkedin
Print

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 And Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) – day in / day out.

Sound Oil (LSE:SOU): Extended Positive Reversal Formation

While as far as the newsflow has been concerned, the autumn has been very positive, it can be seen from the daily chart of the Italian focused oil and gas group that the price action has often not quite matched up to the speculation over the past couple months. Nevertheless from a technical perspective the stock is fulfilling the best expectations in the sense that we are mapping out the right side of an extended head and shoulders formation with its neckline support currently running through 0.9p. The implication of this is that while there is no sustained price action below 0.9p-pre-June support, (and backed up by a July uptrend line in the RSI window, ) we should look be looking for a minimum retest of October resistance through 1.5p over the next 4 to 6 weeks. At this stage it is only sustained price action below 0.8p that would really delay the anticipated upside scenario for Sound Oil.


free stock charts from uk.advfn.com

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220628 06:31:35