As seen on chart I'm very bullish in the momentum rise to come here till late Feb when drill happens.
88E always been a great trading company ahead of drills in the past & will be repeating very soon once permit lands next week or so.
T-line crossing 20ma = bullish
Bounced off big support as previous resistance level.
Chart looks primed & not much downside for a...
No technical analysis or price predictions. Flow rates to be tested late June/Early July from the Icewine II production test well.
The company is targeting 100-150 Barrels per day.
Managing Director of 88 Energy Limited, Dave Wall commented:
“The spud of Icewine#2 represents another milestone for the Company and its shareholders and we
now look forward to a...
Extremely similar break above the 50DMA and backtest to the Jul-Sept 16 period where the price doubled. Exciting news period for the company approaching.
Broken and retested 2.80p which is the 50% retracement level. This looks like a new support level now & crucially brings the upper half of this chart into play.
This now appears to have fully broken above the 50% Fib line which I consider a real pivot level on this chart. Price seems to have pulled back and retested it as support successfully bringing the top half of the chart into play. I'd like to see a comprehensive break above 3p to bring my first target of 3.8p into play. 161.8% Fib extension looks a very nice...
Targeting 5p to 5.5p - 200DMA looking to be support for now - Perhaps re consider if this fails on a daily close.
Next well spud in coming months could be the catalyst for a move north
Some basic indicators on 88e on the London AIM today. Moving towards Icewine II drill in late Q1 will no doubt cause a lot of excitement for long term holders of this company. Any surprise news before then could possibly send the SP nicely north.
Opec decision, conventional survey results and forthcoming Icewine 2 spud should all be worthy catalysts to create some positive upside short term here.LSE:88E
88 Energy Limited is an Australia-based exploration company. The Company is engaged in oil and gas exploration. The Company has operations in Australia and the United States. The Company operates through Oil and Gas exploration in the United States of America. The Company's project includes Project Icewine, which is located in Onshore Alaska. The Company has approximately 271,000 contiguous acres onshore Alaska. The Project Icewine has both unconventional and conventional oil potential and is located on operational access road. The Company's primary objective at Project Icewine is an untested, unconventional liquids-rich shale play in a prolific source rock, the HRZ shale (Brookian Sequence), that co-sourced the oil field in North America; the giant Prudhoe Bay Oil Field Complex.
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88E
