Leni Gas & Oil: 2p Beckons

PUBLISHED: Jan 03 2013 @ 09:53 | Comments (0) |

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) and most recently highlighting quadruple support for Gulfsands Petroleum (LSE:GPX) under 80p.

Leni Gas & Oil (LGO): Support Above 200 Day Moving Average

One of the most at attractive aspects of Leni Gas & Oil since it broke through its 200 day moving average in October in a near vertical fashion is the way that ever since support has come in above the 200 day line currently at 0.88p.

One of the best rules in terms of technical analysis is the way that invariably in the strongest of charting setups we see no need for a retest of a 200 day moving average break as new support after it is broken. On this basis one can be biased towards the most optimistic scenarios here at Leni. In this case it could be that while above November intraday support at one penny, we should see the shares retrace most if not all of the pullback from 2012 resistance just shy of 2p. The timeframe here would be the next 2 to 3 months at “maximum”.

Read more about Leni Gas & Oil in Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 by clicking here

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