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Published on Oct 19, 2016
Technical
analyst Zak Mir says the chart for Ithaca Energy Plc (LON:IAE), which
shows the North Sea oil stock’s recovery from 20p to as high as 80p in
2016, feature the signals of a ‘classic bullish situation’.
“I suppose the key events here are really the breaking back above the 50-day moving average in February and the 200-day line in April,” he highlights in a Tip TV segment for Proactive Investors.
“Since then, as you normally see in the classic bullish situations, the shares have bounced near or on the 50-day moving average.”
Noting the support for the share at around 70p, Mir highlights that using technical analysis can help keep traders in positive situations like this.
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