Petroceltic's last rise to 7.37p hit the downtrend resistance perfectly and has since dropped back to the key 6p support level. This has proved a good level to buy at in the past and the medium term uptrend support is in the same area now so should be good to go long here with tight stops.
The main uptrend lies some distance away at 5.1p currently which is pretty close to the JUne 2012 low of 5.46p. If the 6p level and trendline break then I'd expect a visit back to that 5.4p area.
The main uptrend lies some distance away at 5.1p currently which is pretty close to the JUne 2012 low of 5.46p. If the 6p level and trendline break then I'd expect a visit back to that 5.4p area.