Petrel Resources (PET): Retest Of 30p Plus Now Due

PUBLISHED: 04 Jan 2013 @ 13:34 | 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.

Petrel Resources (PET): Support Above 200 Day Moving Average

One of the best rules of charting is the simplest, to take note of the relationship between new support and old resistance. The greater the difference, the more bullish / bearish the situation is. In the case of Petrel Resources it can be seen that before the spike in November resistance was below 8p. Since then it has been above 14p – pretty impressive. While there may be further consolidation before a new leg higher, it can still be said that as long as there is no end of day close back below the 50 day moving average currently at 14.75p, one would expect a partial or even full retest of the November 30p plus resistance. The timeframe at this stage is seen as being no later than the end of next month.

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