Bowleven (BLVN): Initial January Resistance Buy Trigger

PUBLISHED: 11 Jan 2013 @ 09:37 | Comments (1) |

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.

Bowleven (LSE:BLVN): Above 71p Targets 85p Plus

I am afraid to say I could not resist covering Bowleven on the technicals this morning, largely after reading considerable hype on Twitter regarding how much volume there is in the stock this morning. Indeed, this is a highly followed company, and it would appear that the bulls are starting to scent victory. From a charting perspective the key to end this week would be an end of day close back above the initial January resistance of 70.75p. This on its own should be enough to deliver a return to post autumn resistance at 85p. However, given that we still have the 50 and 200 day moving averages at 71p it may be that cautious traders would like to wait on 71p plus before taking the plunge. On a more esoteric note, the RSI indicator currently stands at 57, with the message being that my preferred buying zone for recovery plays is when the oscillator lies between 55 and 60. Therefore Bowleven appears to be a very attractive play, Twitterati notwithstanding.

You can read more tricks of the trade analysis on recent AIM stock heroes like Bowleven in Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 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).

Follow @zakmir

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.