Predator Oil Share Trades (PRD) over sold scenario
we have gone done too far and could be looking at a trendline bounce. Give it a few days for the most recent news to digest before investors will be looking to re enter at these low levels.
LSE:PRD has consolidated price volatility and is ready to breakout towards the prior highs (all-time high) of 19p.
Breakout with above-average volume will confirm the next leg.
Bullish Flag, confirmed (45%)
Pros:
Volume during post
Descending volume during flag
Volume during break out
PPS above 50MA and 200MA
RS above 0 and ascending
R/R ratio above 5
ATR ascending
250RSI above 50
200MA ascending
Target:
PT = 17.50$
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Always do you own Due dilligence....
It could still head higher as RSI is strong but I would have sliced at 12p-12.25p to protect some profits.
trend is a really good bullish one so a retrace doesn't harm for new positions to be taken.
Production should give a nice boost to further push price up.
Bought at 2.4p-2.5p & sold at just above 100% I can see it was premature but that's ok as I used the...
It managed to close above t-line & 20ma so this week it could head back to resistance but watch for any weakness as it's not out of the woods yet.
We need to have a bullish divergence on RSI as well on next bill run as if not it could be weak & head back below.
9-10p is next resistance for a slice in case it doesn't break out. or for a break out trade wait for...
