Sunshine Gas Limited is a petroleum exploration company focused on the development of small to medium sized onshore Australian and UK gas reserves. The company is primarily focused on the development of the Lacerta and Overston projects in the Surat Basin in Queensland. Its share price has traded in a strong up-trend since March and following a sharp correction is testing its record high. SHG (Not previously analysed) is trading in a medium - term rising channel and has confirmed its breakout from a bull flag consolidation pattern. Primary support has been found around $1.14 as a 20 day cycle trough formed. Resistance is located around $1.45 the all time high. The SIROC oscillator remains above its trigger line as buying momentum increases. SPEC BUY on a confirmed daily close above $1.45. Watch for a volume increase to confirm the breakout. Should prices pull back, a more aggressive position could be taken on consolidation above $1.17. Note: SHG announced Monday “LACERTA gas reserves significantly upgraded”.
SHG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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