Technical Pulse: Geo Energy Resources Ltd November 3, 2022 789

 

Geo Energy Resources Ltd (SGX: RE4) A potential breakout of a bullish cup & handle formation to retest the resistance zone at 0.460-0.500 as:   

 

  1. The price has been finding support at the 20-day moving average recently while making higher lows and it closed at the handle of a potential bullish cup & handle formation with increased volume on 2 November, signalling buyers have been in control since the previous volume surge on 25 October, which gives us a bullish signal.
  2. The Moving Average Convergence Divergence (MACD) technical indicator continues to display bullish momentum in the recent consolidation phase near the handle.
  3. The price could reach the resistance level at 0.495 when using the height of the cup (0.090) projected against the current price, which is confluent with the high made on 19 April this year.

 

 

 

 

 

*Expected timeline of the trade is 13 weeks from the date of report issuance.

 

 

 

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

 

 

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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