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.
Vast resources Plc:
The technical outlook of vast resources Plc. looks bullish. The stock finished trading on London stock exchange at 0.314p a share on Wednesday 10th August. The stock has been trading above its 20DMA, 50DMA and 100DMA of 0.2634p, 0.2628p and 0.2892p respectively. The immediate support for the stock is at 0.235p, whereas resistance lies at 0.370p. However, looking at the historical chart of last 3 years, the stock has fallen non-stop and continued its downward journey! The stock should consolidate now, after it has bottomed out at 0.155p. In the near term, the stock shall trade between the range of 0.235p-0.370p. In case stock again breaks the support of 0.235, then it might head for fresh lows as well. Therefore, traders shall keep an eye on these levels and trade carefully.
Excite Energy Limited:
After rallying non-stop for last 5 to 6 trading sessions, it seems that it’s time for Excite energy Limited to consolidate and head for a minor bearish correction. The stock finished trading on London Stock exchange at 9.750p on 11th August. The stock has been trading above its 20 DMA, 50 DMA and below its 100 DMA of 7.07p, 8.3p and 11.3p respectively. In the last trading session, the stock has formed a bearish candlestick pattern and in case yesterday’s low ie 8,30p is also breached then then the stock might correct more and head downwards. The stock has been trading in the channel of 8.0p-11.3p for the last 2 months. Any breakdown below 8.0p or any breakout above 11.3p might be a crucial move for the stock. The coming one or two trading sessions are going to throw clearer picture on the direction of the stock. Therefore traders should keep a close eye on the levels and hedge their positions accordingly.