Petroceltic (PCI): Volume Surge Backed Price Spike

Share On Facebook
share on Linkedin

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.

Petroceltic (LSE:PCI): Implied 10p Target

It is rare that I write up a stock twice in a day. Such honours are normally left for the indices. But in the case of Petroceltic it would appear appropriate given the massive spike both in the share price and the surge in trading volume today. On this basis one would suspect that after months of consolidation around the 7p level we shall finally see the shares fulfill their potential that the company’s fans will have been hoping for. The reason for the excitement is the presence of a rising trend channel on the daily chart since June, with a floor the channel currently running level with the 200 day moving average at 7p. This provides a natural support zone for the shares in the wake of today’s move to the upside, with the likelihood being that over the next few weeks we shall not see any weakness below this double support.

As far as the upside that might result at Petroceltic, the favoured destination is a seven-month resistance line projection targets highs 10p, with the likelihood being that if this can be achieved it would be before the of next month. In the meantime any weakness toward 7p can be regarded as a buying opportunity providing that there is no weekly close back below this number.

For more AIM Stocks highlights read Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 by clicking here

free stock charts from

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 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 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:

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

P: V: D:20210124 05:44:14