Chariot Oil & Gas (CHAR): Extended Base To Target 80p Plus

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Chariot Oil & Gas (LSE:CHAR): Initial January Resistance Break

You might think that waiting until Chariot Oil & Gas shares are up nearly 10 per cent today is leaving it a little late as far as getting on the bottom fishing bandwagon here. But it should be said that at least from a technical perspective there is a method in the madness. This is because it seemed wise to wait on an end of day close back above the initial January resistance at 31.8p – the neckline resistance of an extended base formation in place on the daily chart since September. Now it can be said that while there is no end of day close back below the former peak of this month the stock has probably served up a trend change – at least getting it back in recovery mode. The expectation now is that we shall see the shares head higher towards the pre 2012 slump support in the low 80p’s and towards the present position of the 200 day moving average at 77p. At this stage only back below January support around 27p on a weekly close basis would really be enough to kill Chariot’s rebound prospects for now.

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