INDEPENDENT OIL & GAS PLC ORD 1P LSE:​IOG

Bearish divergence is quite obvious on this stock so I think we shall have a retrace from the highs. Good signal will be if 20ma is lost and doesn't hold.

Company announced it had submitted FDP for its Blythe gas hub yesterday. Market responded well. Gap on chart 23p-26p to fill. Needs to hold above current 16.5p level/200DMA in immediate term.

Breakout & gap to fill on this chart.

Couple of attacks on the 20p resistance level already and just starting to show signs of interest once again at these levels. Actually quite a large gap to fill on the chart if it breaks 20p.

Break 32p to complete the bowl.

Intricate & long-term sequence of advances and pull-backs to form distinctive bowl shapes. These all sit inside a single larger bowl formation & we are currently in the final push to complete the larger bowl formation. Evidence for this is a double bottom, and MACD upward cross signifying the latest of the smaller cups is about to complete its shape. This is...