Greka Drilling (GDL): More Upside Towards 40p Likely

Share On Facebook
share on Linkedin

Greka Drilling (LSE:GDL): U Shaped Reversal

©

While it is of course the case that after a 20% bounce today one would / could regard shares of Greka Drilling as being on the overcooked side, to consider that we have seen the best of what is on offer here in terms of the upside might more to be a mistake. After all, the stock has already managed an end of day close above the 200 day moving average at 21p, with the likelihood being that once any consolidation either side of this chart feature is completed over the next few days there should be further progress.

Just how far the stock could travel is currently suggested by a resistance line projection on the daily chart heading as high as 40p, a level derived from a June 2012 resistance line projection, which can be regarded as the 1-2 month target even if the present rate of progress proves to be unsustainable. A decent end of week close above the 200 day line the end of this week should be enough to convince the doubters of Greka that the latest price action is not merely a flash in the pan.

Read Zak’s Amazon eBook bestsellers, Lessons From The Financial Markets For 2013, and 101 Charts For Trading Success by clicking here

Follow Zak on twitter by CLICKING HERE


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).

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.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

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

P: V: D:20200805 15:50:17