HOIL daily 03/06/13
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I've chosen to use a pure price chart for Heritage Oil for simplicity and because the indicators aren't showing my anything.
Points to note here are the fact that it has retraced to between the 50 and 61.8% Fibs of the last rise which is enough for a typical wave 2; downtrend resistance lies at 156p today (was slightly higher at 156.25p yesterday) and the 123-low breakout level is at 161p.
There was also a bullish engulfing candle yesterday so if this can close above 156p and 161p then higher prices may follow. Watch out for the gap at 170p and resistance at 190p.
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