ShrutiAggarwal
Member Since 8 December 2015
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ShrutiAggarwal's Insights

Relating to PMO.L

Topics: Analysis
Other Insights on Related Shares: PMO.L
Related Shares: Premier Oil Share Price

Premier oil Plc. shall be avoided at the current levels. The stock finished trading on the London stock exchange at 50.95p a share on 15th June, down by 3.3% compared to the previous close. In our last article on Premier oil plc. we had mentioned that if the stock would break the support zone of 60.0p, it would test new lows and fresh longs shall be avoided till the stock is done with its consolidation. However, the stock couldn’t sustain the support of 60p last month and had tested the lows of 48.40p.  Currently, the stock has been trading below its 20 day moving average (DMA), 50 DMA and 100 DMA of 56.0p, 59.0p and 66.60p respectively. In terms of technical analysis or charting, the stock has been in downward trend and has been forming lower lows and lower highs. The next support zone for the stock would be 47.0p and any breach below that level would further increase the selling pressure and stock could be seen making new fresh lows. Hence, premier oil plc shall be avoided till we witness some sort of trend reversal. As of now beers seem to be in full charge so we have to wait for the sign of reversal. We would advise traders or investors to avoid Premier oil Plc for the time being. The weekly chart of the stock also depicts the bearish trend of the stock.

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Premier Oil plc. is an independent exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan, the Falkland Islands and Latin America. The Company is engaged in the business of upstream oil and gas exploration and production. The Company's operations are located and managed in six business units: the Falkland Islands, Indonesia, Pakistan (including Mauritania), the United Kingdom, Vietnam and the Rest of the World. In total, the Company manages approximately 760 million barrels of oil equivalent (mmboe). The Company has production rates of over 90 thousand barrels of oil equivalent per day (kboepd). The Company focuses on producing 68 to 73 kboepd. The Company's four-well North Falklands Basin campaign targets multiple stacked fans in PL004 and PL032 using the Eirik Raude rig. The Company owns an interest in over two licenses, such as Natuna Sea Block A and Kakap.

Premier Oil Plc. is a compelling ‘Buy’ at the current levels. The stock finished trading on the London Stock exchange on 1st May at 62.25p a share, up by 2.89% compared to the previous close. Currently the stock has been trading below its 20 day moving average (DMA). 50 DMA and 100 DMA of 63.0p, 64.4p and 73.0p respectively. In terms of charting or technical analysis, the stock has completed rounded bottom pattern formation twice at 60p. Therefore, 60p would likely to be a very strong support for the stock. Any move below 60p would surely indicate the further fall of the stock, but if stock would be able to sustain the support of 60p, and then it might be ready for up move. We would suggest traders or investors to initiate fresh longs if the support of 60p would be sustained. We see the short term targets of the stock at 68.0p and 72 p respectively. The time frame to achieve these targets would be 0 to 3 months. (Read more)

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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)

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