Victoria Oil and Gas to go further southwards

Victoria Oil and Gas stock (LSE:VOG) is supposed to go further southwards, following the shallow rally that has been seen in the market. The bias on the market is bearish.

The market was flat in January 2017, and then it experienced a smooth bullish run in February. Between March and April, price entered a consolidation phase. As from May, price has been going downwards gradually, being able to go below the lower Trendline.

After this, the RSI period 14 has also gone below the level 50. The present shallow rally is simply a good opportunity to sell short at a better price. Immediate targets are located at the support levels at 40.0, 35.0 and 30.0.

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