Chart shows the break through of resistance at 0.30. Price has retraced today however we would now expect 0.30 to be an effective support level and the next good entry point for traders. The big bids cannot show their hands yet but they will be lurking imo. Trend line could now be argued to be set with the momemtum push from the 30dayEMA.
Generally - weakening equity markets against the backdrop of a rising oil price. ELK should provide leveraged exposure to the oil price with high probability of a short term re-rating imo. Chart is reflecting the fundamentals.
Interestingly we moved without news. Something coming this week?
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