Afren

Hi Ian,
Yes you are right, 123 low is a simple trade for novices like me, with a reasonable success rate. I'm still licking my wounds from large previous losses so am cautiously trying to build up my trading float again ')
Really appreciate all your help and advice on here though mate, learning a lot from you guys.
ATB

Didn't see that Count. Have now. Nothing negative there. I think it is simply following crude prices. I read somewhere that Afren has high finding costs, so energy prices are key, like the shale gas companies.

Crude is nearing the apex of a falling wedge, so might see some action in the coming days.

You guys on here seem to be obsessed with horizontal breakouts! There is much more to TA than that mate!

RNS was sold into this morning (as is typical nowadays), however, this could lead to formation of 123 low back into the 90's, lets wait and see. I'm holding a few atm.

Nice hammer on the weekly. This should get to 90 this week IMO.

uk.advfn.com/p.php?pid=chartscreenshotsh...u0%3D&symbol=A%5EAPT

Bullish piercing line, back through 72.25 horizontal support and looking like it likes yesterday's low. RSI and MACD divergences on shorter timeframes. Only second white candle in ten, which is notable. Key is that RSI support held, but not enough volume yet to confirm.

US crude inventories helped yesterday but after it had already turned.

Looks promising to me but with reservation on volume.

Problem at the moment Count with E&P companies is that crude is being hammered and the US$ isn't helping. When crude prices turn the outlook for companies with revenues like Afren should improve.

At the moment there is not enough volume being traded at this level to indicate a bottom might form, but it is hanging in there so far.

I wouldn't let your emotions run away mate. A couple of weeks ago some on here were calling doomsday on the indices and GKP at 10p lol. Swings and roundabouts. US markets ARE about to retrace again though IMO. GL