Global Oil & Gas finds a new Gas Field. Share Price Pops up +30%.
Note, this is still early days, however there is a possibility for "OFF Factoring" to a Larger Concern IMO, as the Capital required will be Large. ( I.E. EXON , Shell etc.) Unless the AU Government Steps in.
The World needs Cleaner Energy, which NAT GAS provides. While this is still considered a...
ASX:GLV
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
SMP Strategy
Market Direction: Long Position
Chart time frame - Daily
Timeframe - 30 days
A – Activating Event
Market will meet support in zone @ current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market will move towards the first...
GLV had some good news several months ago, and went from 2c to 4c in a month. Since then, CR flippers have sold out and there's been a lack of concrete news, with the stock closing below the 50 day moving average. The price today closed below the 200d MA solidly, and indicates some EOY selling most likely. This should keep going to test support arount 1.5c then...
Gone out of downtrend as plotted
Solid support zone = 1.0 - 1.4 c
Moreover, MACD shows sign of heading up again near baseline, potential back up the baseline soon.
AS previously noted, the breakout last week was on the back of the market pumping oil stocks. Golden Oil and Gas has now come back into the ascending pennant and should break clear today or tomorrow. Clear Skies ahead means GLV should get to 3c by the end of the week.
GLV has broken through a rising flag indicating a bullish breakout. We should quickly see a push to 3c, in which that will become the new support. Given the market conditions today it could also indicate a false breakout and may come back to 1.9c-2c until the consolidation has finished.
