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OPHR daily 11/06/13

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Ophir Energy is currently trading near an area of multiple supports. There's a price support at 359p from Feb 2012, the gap at 366p from the same day and the down channel support all converging in the 359p area.

Note also that the RSI is nearing its support trendline which adds further weight to the strength of this area. It could be worth going long at 357/8p (the channel support) with tight stops.

If this level goes then the next supports are 330p and 290p but a breakdown of the channel would not be healthy without a swift re-entry (there can sometimes be false breakouts). The 412/4 level is the key one to break to the upside but we need to see a higher low first.
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Guest Thursday, 18 August 2022