UK Oil & Gas for 10/07/2019

#SPY #CAC40 Our coloured trend lines on the chart below suggest an attempt at solidarity with Pride events. However, we’re actually trying to highlight something quite different, namely when Trend Lines are rubbish! But, in proving themselves useless, they also suggest something else quite surprising.

Our review last July warned of dangers, if UKOG managed to close a session below RED on the chart. An event such as this would project the share into a region where we really cannot confident predict bottom. The intervening year has proven both deathly boring but neither has UK Oil & Gas share price drilled itself in the foot. Instead, the share price has bumbled along as if nothing has really happened.

Equally important, we’ve painted three downtrends on the chart, each of which would normally be expected to provoke reasonable movement when the share price blasted through the trend. The Light Blue line certainly afforded some slight growth, probably due to internet chatroom optimism. This flash in the pan quickly faded and the next break, through the Green downtrend provoked as much interest as a PM contenders speech.

At present, the share price is playing coyly with the Blue downtrend and we’re just not sure what will have if (or when) the price manages to kick its way through the line.

There is something worthy of consideration. Despite the share price not really going up when it betters downtrends, neither has it succumbed to temptation and crashed despite breaking the long term Red uptrend. Our best guess “bottom” projection is an obviously impossible Minus 0.5p.

The subliminal message given is of the market not being ready to give up on the share, just yet. In fact, some hope is possible, simply requiring the right type of news. At present, above 1.2p is supposed to generate slight recovery to a useless 1.5p. If exceeded, secondary is at 1.95p. Thanks to a glass ceiling existing at the 2p level, we’d need closure above this point to give real hope for the longer term as some quite vivid recovery is possible.

For now, about the only hope is straightforward. It’s neither going up nor down, so something is due to happen!

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:57:28PM

BRENT

64.47

               

9:59:06PM

GOLD

1398.08

               

10:01:45PM

FTSE

7542.77

               

‘cess

10:03:53PM

FRANCE

5578.7

5542

5512

5472

5593

5584

5593

5610

5558

‘cess

10:06:49PM

GERMANY

12458

               

Success

10:09:08PM

US500

2979.27

2958

2953

2938

2980

2981

2984.5

2993

2971

‘cess

10:11:32PM

DOW

26790

               

‘cess

10:19:37PM

NASDAQ

7826.87

               

‘cess

10:25:54PM

JAPAN

21527

               

9/07/2019 FTSE Closed at 7536 points. Change of -0.17%. Total value traded through LSE was: £ 4,822,907,600 a change of -10.55%

8/07/2019 FTSE Closed at 7549 points. Change of -0.05%. Total value traded through LSE was: £ 5,391,926,920 a change of 14.22%

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