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Premier oil plc:

The technical chart of premier oil Plc suggests that the stock might head for a downward correction in the coming trading sessions. The stock finished trading on London stock exchange at 63 GBP a share on Wednesday, 10th August. Currently, the stock has been trading below its 20DMA, 50DMA and 100 DMA of 64.68p, 68.4p and 64.5 p respectively. Two or three trading sessions back, it also formed ‘Doji’ Japanese candlestick pattern and the next day, the stock even went below previous day’s low also which confirmed the short term bearishness pattern of the stock. In case the bearishness continues, we may see stock heading towards the level of 52 p as well. However, if it tests 52p, the stock may start consolidating as well from that level. Therefore, the coming 2 or 3 trading sessions would definitely throw light on the pattern of the stock. Prior to this, the stock has been trading in the channel of 64p-76p for quite some time and a few trading sessions back it has broken that channel as well. Thus, traders should watch the levels carefully and accordingly hedge their positions as well. (Read more)

Topics: Analysis
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