By Trends and Targets | Mon, 21st July 2014 - 23:01 OILEX (LSE:OEX) has done right by their share price recently and whatever is pushing the upward cycle tends to suggest continued movement above 9.6p should drive the price in the direction of an initial 11.4p. We can calculate a longer term potential of 15.5p and notice it even makes sense given such an aspiration closed the circled gap on the historical chart.
If the rise intends to turn into a pump and dump, the share would need flop below 5.5p (RED) but in fairness, the price has behaved with some integrity since it exceeded the downtrend from the start of 2011 and we tend to fairly comfortable with this sort of thing. Generally, duff news flow would be required to dampen down our expectations.
Near term, the share price closed in an area tending to indicate coming weakness to 8.25p, perhaps even 8p. Only in the event of the share now trading below 8p would we start to develop concerns as to the markets intentions.
OEX Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
