Leyshon Resources (LRL): Initial Target Towards 18p

PUBLISHED: Jan 04 2013 @ 08:25 | Comments (1) |

Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting

It stars the likes of Petrel Resources (LSE:PET), Leni Gas And Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) and most recently highlighting quadruple support for Gulfsands Petroleum (LSE:GPX) under 80p.

Leyshon Resources (LRL): 200 Day Moving Average Bear Trap

What can be said as far as Leyshon Resources is concerned at the moment is the way that in recent weeks and months we have been treated to an incredible technical and fundamental Spike inactivity. As far as the charting position is concerned the dominant feature here is a substantial island top sell formation formed by a gap higher for the stock in November and a gap down last month. The current situation is that there have been several days of support been found at and just below the 200 day moving average at 12.5p, with a minor bear trap effect in force. This may tempt aggressive traders to go long now with a stop loss just below the 12p January intraday support level. However, for lesser mortals the best buy trigger is probably to wait on an end of day close back above the 50 day moving average at 14.5p, just in case the shares deliver a new leg down below the 200 day line under the influence of the island top.

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