Long GENEL today

uk.advfn.com/p.php?pid=chartscreenshotsh...K6Pc=&symbol=L%5EKMR

This is one of the stronger companies, and it still does not look very good....

Unless we get a weekly close above the 20 day sma @ around 300p, the down side looks likely here with target of 150/160p area at present(red line on the chart). Until a weekly close above the 20 day any rallies will be bear market rallies, and likely to get sold off imho....

We do have a div on the weekly rsi, however this is now too dangerous to try to catch the small rallies.
The problem is fundamental for all oil stocks, in that the biggest Oil producing nations want to see the price of crude go down!

Until we get a change in that situation, i think it's best to stay on the sidelines, and wait for first signs of a turnaround imho.
Regards,
Trendfriend.

Chief,
Added chart...if it can hold the trendline
Else it could go sub 200p
Ta
G

Any idea on how low this can go, before support?

Seems like RSI has broken trendline support, and cross over at MACD.

No historical support from what i can see?

Quick look here.... still keep a eye out for this...as it's a stock i like to trade...
Was looking for a break of the 20 day as an entry after the break of a short term trendline....
It did get to that level, but was promptly sold into... and i don't like the look of that candle on Thursday...the volume was at the high's for the month.... i think it suggest some sellers are looking to get out on any kind of strength imho....

Would still get tempted into a scalp long on the close above the 20 day sma, if it happens with tight stops...

Regards,
Trendfriend.

TF,
I am good.. actually very good.
Sold my LLOY few days back at 74.01, I was in from 72.point something..

THen sold BEM , at 6.35, was in from 1.4p, I had 5K £ in that.. so good week..with around 22k£ profit. (Its a hint, I sold BEM, means it will fly lol )
Bought around 50K XEL shares yday, at sub 19p, and GENL at 232p.

Working in nights so much trading ...
ta
G

fundamentals.....POO up over 2.5% middle east tensions following Russian jet downing...

Oh...and this little nugget:

news.sky.com/story/1593628/hayward-oil-f...new-age-merger-talks

more than account for the rise here, but agree...kept on the watch list