Rockhopper Exploration (RKH): Triangle Breakout Suggests 200p Plus

PUBLISHED: 03 Jan 2013 @ 05:31 | Comments (0) |

Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting

It stars the likes of Petrel Resources (LSE:PET), Leni Gas And Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) and most recently highlighting quadruple support for Gulfsands Petroleum (LSE:GPX) under 80p.
Rockhopper Exploration (RKH): Multiple Bear Traps Rebound

While there may be many traders who have had their fill of resources plays, especially at the low end of the market cap area, at least from a charting perspective there are always situations worth chasing. This is what is currently being seen at Rockhopper.

The breakdown in Rockhopper shares during 2012 was a cruel affair even by the standards of the resources. Even worse has been the ongoing bear trap reversal attempts that delivered false dawn bottom fishing opportunities during October (twice), November and December. However, to start 2013 we have been treated to a higher support zone above 150p as well as a break of a near term triangle formation with the break above 157p. Indeed, while there is no break back below the 150p zone the upside here should be towards the 200 day moving average at 224p as an end of Q1 2013 target.

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