Chariot Oil & Gas (CHAR): Extended Base To Target 80p Plus
By
Zak Mir
PUBLISHED:
Jan 21 2013 @ 11:13
|
Comments (13)
|
Chariot Oil & Gas (LSE:CHAR): Initial January Resistance Break
You might think that waiting until Chariot Oil & Gas shares are up nearly 10 per cent today is leaving it a little late as far as getting on the bottom fishing bandwagon here. But it should be said that at least from a technical perspective there is a method in the madness. This is because it seemed wise to wait on an end of day close back above the initial January resistance at 31.8p – the neckline resistance of an extended base formation in place on the daily chart since September. Now it can be said that while there is no end of day close back below the former peak of this month the stock has probably served up a trend change – at least getting it back in recovery mode. The expectation now is that we shall see the shares head higher towards the pre 2012 slump support in the low 80p’s and towards the present position of the 200 day moving average at 77p. At this stage only back below January support around 27p on a weekly close basis would really be enough to kill Chariot’s rebound prospects for now.
Read Zak’s Amazon eBook bestsellers, Lessons From The Financial Markets For 2013, and 101 Charts For Trading Success by clicking here
Follow Zak on twitter by CLICKING HERE
![](http://uk.advfn.com/p.php?pid=chartscreenshot&u=dMCB6r79dGFIFT%2F2oLL%2Bkv%2Ft9P0DZCcb)
free stock charts from uk.advfn.com
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).
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.