Rockhopper Exploration Price: RKH Is Waving Higher, Breaking Resistances

PUBLISHED: Jun 01 2024 @ 03:59 | Comments (0) | More info about Azeez Mustapha

Buyer versus seller in the Rockhopper Exploration Plc (LSE:RKH) has been observed waving higher at the top of the moving averages, breaking resistances.

The overbought level is where the stochastic oscillators are placed to provide a warning note cautioning against likely future bullish pushes. The instant when the moving average lines tend to cross again to the downward, in addition to the indicators’ readings, will be a confirmation against making the moves stable for bulls. Before a pullback appears, the resistance at 15 will be more formidable, and its underside will act as the completion for cashing out some points in winnings.

Resistance Levels: 15, 16, 17
Support Levels: 12.5, 12, 11.5

In the next activity, will the RKH Plc stock continue to go higher and persistently above the EMAs?
Going by the previous technical readings, it is likely that long-position pushers are not going to maintain momentum stably above the moving averages, given that the Rockhopper Exploration Plc shares is waving higher positively through resistances at near points above the moving averages.

The 15-day EMA trend line has been stretching northward above the 50-day EMA trend line since they intercepted to the upside between February and March, making point of 11 as the vital baseline. The stochastic oscillators have been in the overbought region, swinging to affirm that a consolidation movement is ongoing. It is likely that several rejections are going to surface soon. Therefore, bears should be fastening their belts toward executing shorting orders.

Learn from market wizards: Books to take your trading to the next

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.