Zak Mir's AIM Stocks Charting: Gulfsands Petroleum (LSE:GPX)

PUBLISHED: Dec 10 2012 @ 12:40 | Comments (0) |

Gulfsands Petroleum (LSE:GPX): Quad Sub 80p Support

Gulfsands Petroleum (GPX): Extended Consolidation

We have not exactly been treated to star conditions as far as AIM Oil & Gas shares are concerned in the recent past, even though the have been brave attempts to break to the upside – Gulf Keystone (LSE: GKP). The situation as far as Gulfsands Petroleum is currently a decent case point in the sense that even though this is the fourth time the shares have probed below 80p since the beginning of June in order to seek Support, and we should have ended this process days ago, it is still a little too early to suggest that the stock has done enough yet to return back to the top of the recent range which may be nominally regarded as high as a post summer resistance zone at £1.30 plus.

The fact at the moment is that we are rather more modest now in terms of any upside target. Nevertheless, given that this is the fourth and final test of the sub 80p zone the shares should be able to at least make a bounce back up to the present area of the 200 day moving average of £1.11. However, it should be stressed that given the amount of false dawns that Gulfsands has served up in recent days, it is probably wise to wait on at least an end of day close back above 85.75p-the intraday low at high of December today, before even beginning to assume that there will be any upside significant worth chasing from current levels.

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).

Follow @zakmir

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.