I believe this resistance will be broken in the next 10 days, after that the technicals for PGS look much better, and an increase in stock price is highly likely.
Major support channel for PGS. The company aslo has a great year coming, i belive we will see more than a 100% gain in stock price, we should also see 20kr this year or early 2024.
See the detailed count also
A bottom may have been reached, now bullish
Correlates with oil and gas back on the menu for Norway and Europe again as per the Russian Ukraine invasion
After correction very long, it seems a bottom may have been reached and a bullish phase has started
From the count a target of 5 will soon be reached and start of 2023, 10 may be reached
There are going to be major pullbacks along the way
Note the pitchforks and fib retracement levels
Note also log scale
PGS is testing one of the major support levels @ 5.4kr; on SMA50 daily and the bottom of the rising channel.
Having two important levels make this support even stronger.
The obvious resistance is 10.2 in long term.
Recent Good catalyst news from the company; strong seismic library; rejected TGS offer for 700$M for data; uptrend technically; bankruptcy of...
Momentum is increasing and touching 0-line soon. RSI level is increasing and touching 50-line soon. Moving averages 50 & 100 also crossing each other upward soon.
CHXEUR:PGSO has been in a huge uptrend since 30th November 2017, soaring over 270% in less than 240 days.
- Now it's in a downtrend, and looks to be forming a H&S formation.
- It broke it's ascending trendline and also failed the recent pullback. (Marked in stapled red)
- Should the price break through the 200 sma, we might see the 50 sma crossing down and...
