Greka Drilling (GDL): More Upside Towards 40p Likely

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Greka Drilling (LSE:GDL): U Shaped Reversal


While it is of course the case that after a 20% bounce today one would / could regard shares of Greka Drilling as being on the overcooked side, to consider that we have seen the best of what is on offer here in terms of the upside might more to be a mistake. After all, the stock has already managed an end of day close above the 200 day moving average at 21p, with the likelihood being that once any consolidation either side of this chart feature is completed over the next few days there should be further progress.

Just how far the stock could travel is currently suggested by a resistance line projection on the daily chart heading as high as 40p, a level derived from a June 2012 resistance line projection, which can be regarded as the 1-2 month target even if the present rate of progress proves to be unsustainable. A decent end of week close above the 200 day line the end of this week should be enough to convince the doubters of Greka that the latest price action is not merely a flash in the pan.

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