Xcite Energy (XEL): Substantial Upside While Above 85p Zone

PUBLISHED: 03 Jan 2013 @ 14:58 | Comments (0) |

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.

Xcite Energy (XEL): July Resistance / New Support

In the end, it would appear that the latest rebound for Xcite Energy shares came as an overlap with former July resistance for this market just below 85p. Indeed, this level now becomes the end of day close stop loss that those who are attempting to run the stock back towards the upper regions of the 2012 trading range well over 140p.

However, the main stumbling block in then near the will be the 200 day moving average currently line at 96p, with the obvious thing traders to do being to wait on the technical buy trigger of an end of day close back above this feature before entering in a heavy way on the long side. In the meantime one would be buying any weakness towards 85p, as in theory while above this level next site remains within a roughly 70p to 170p trading range, and of course on this basis would appear attractive at current levels.

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