It has been a while since I did my regular Bulletin Board Heroes video, and I am pleased to see that other have emerged on Twitter to fill the vacuum, or dare I say it, the painful void.
In the meantime the South Downs Duster a.k.a UKOG, has apparently turned itself back into the Gatwick Gusher, and I am sure some are looking for it to replace Saudi Arabia as the world’s swing producer. There is also the aspect here that anyone looking for clickbait has it here in UKOG, at least in recent weeks. Fortunately, I do not have such material concerns.
As far as the current charting position of UKOG is concerned, we see the stock in a trend channel based at the 10 day moving average at 6.75p, with the as yet unfilled gap to the upside to start August an added bonus. The overall view here is that while above the gap floor and 10 day line we should see a retest over the next month of the best levels of the year to date at 11p at the top of the channel from June.
The only suspicion one has here is that UKOG being UKOG, something is overdue to spoil the party, for instance a placing so that it can affording to drill down to the billion barrels. Therefore from a technical perspective on an overbought stock, we need to see fresh momentum to the upside in the wake of the gap higher this week. Otherwise the recent double top at 9.25p could signal a problem, gap higher or no gap higher. Therefore observe a stop loss in the 6p zone with your life.
This article was written by Zak Mir for Wall Street Wires.
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