Coal Of Africa (CZA): Major Positive Reversal Pattern

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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.

Coal Of Africa (LSE:CZA): Support Likely Above 15p

From a charting perspective the big news as far as Coal of Africa shares are concerned to start 2013 has been the way that we have seen a sharp reversal to the upside off the back of a post-September double bear trap rebound. The big plus point as far as this price action is concerned can be regarded as the way that so far in January we have seen support coming at or above the former late November resistance just below 15p. Indeed, while 15p act as the new base for Coal of Africa shares, we can expect further significant upside. The favoured destination initially over the next 2 to 4 weeks can be regarded as the 200 day moving average currently falling at 28p. Only cautious traders would wait on an end of day close back above today’s intraday peak of 20p before deciding to take the plunge on the long side, given the way that after recent gains the stock is on the overbought side.

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