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Monday, April 13, 2015

Bears Regret Selling UK Oil & Gas

UK Oil and Gas shares (LSE:UKOG) are now attractive to interested bulls, in spite of the current volatility in the market. In the last months of the year 2014 and zthe early months of the year 2015, the price consolidated.

Some consolidation to the downside in the month of February 2015 could have led some bears to believe that they would make some gains by going short. This is an action they should be regretting by now. In March, the price moved upwards and broke out in favor of the bulls – as you can see that the price crossed the upper Trendline to the upside and closed above it. In this month of April, the price skyrocketed…

Right now, the market is experiencing a serious volatility. The pullback we are looking at should be temporary, for the RSI period 14 went into the overbought region, and there was bound to be a short-term correction. The RSI is still above the level 80, showing a strong bullish trend. The best approach here is to go long. The next target is around the supply level at 6.0.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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