Bowleven (BLVN): Initial January Resistance Buy Trigger

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Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting

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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.

Bowleven (LSE:BLVN): Above 71p Targets 85p Plus

I am afraid to say I could not resist covering Bowleven on the technicals this morning, largely after reading considerable hype on Twitter regarding how much volume there is in the stock this morning. Indeed, this is a highly followed company, and it would appear that the bulls are starting to scent victory. From a charting perspective the key to end this week would be an end of day close back above the initial January resistance of 70.75p. This on its own should be enough to deliver a return to post autumn resistance at 85p. However, given that we still have the 50 and 200 day moving averages at 71p it may be that cautious traders would like to wait on 71p plus before taking the plunge. On a more esoteric note, the RSI indicator currently stands at 57, with the message being that my preferred buying zone for recovery plays is when the oscillator lies between 55 and 60. Therefore Bowleven appears to be a very attractive play, Twitterati notwithstanding.

You can read more tricks of the trade analysis on recent AIM stock heroes like Bowleven in Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 by clicking here


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