Tullow Oil Price: TLW Goes Descending, Finding a Base at 30

PUBLISHED: Jul 07 2024 @ 06:31 | Comments (0) | More info about Azeez Mustapha

There have been signs that indicate that a basis formation is in the card, as Tullow Oil Plc (LSE:TLW) goes descending, finding a base around 30.

The stock operations are trading at about 31.84 as of this analytical write-up, and a smaller bullish candlestick pattern indicates that the purchasing force is progressively assembling. To prevent significant rejections at the larger moving average below the retardation line at 35, longing positions must be rearranged cautiously in the meantime.

Resistance Levels: 35, 37.5, 40
Support Levels: 27.5, 25, 22.5

Given that the moving averages are pointing slightly south, will the TLW Plc stock make a move to remain above 35 in the near future?
The re-making process of the moving averages to get intercepted back to the upside will add a brighter signal to letting the price stay above 35 lines as the Tullow Oil Plc shares company goes descending, finding a base around 30.

Under the 50-day EMA indication is the 15-day EMA indicator. It seems that the smaller moving average’s line has been the focus of increasing pressure. To be beyond thirty does not mean that one must forfeit purchasing power. Approximately at the 40th point, the stochastic oscillators appear to be in a positive swerving phase.

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.