Tuesday, April 19, 2016

UK Oil & Gas Could Go North

UK Oil and Gas shares (LSE:UKOG) could northward, given the current price action in the market. From December 2015 to January 2016, the market moved sideways. In February, the price trended upwards, only to start coming down from March till now.

In the chart, 4 EMAs are used for the analysis, and they are EMAs 10, 20, 50, and 200. The number that stands for each EMA is shown at the top left part of the chart. It can be seen that the EMAs indicate a bullish outlook, while EMAs 50 and 200 are doing a good job in thwarting bearish threats.

It is likely that UK Oil and Gas could go north, provided the EMA 200 prevents any cross below it, which would result in a Death Cross and indicate further bearish movement. As long as there is no Death Cross, we can safely assume that the price would go up within the next few months.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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