Oil & Gas Stocks have bottomed!

The following is our FTSE Index which represents our Oil & Gas stocks.

A lot of our oil and gas stocks have fallen on hard times since late 2014 (Some went into receivership!).   The decline has been relentless in 2015 and in 2016 it started to bottom out.

In Jan this year, it started to break above the "neckline" of an "Adam & Eve" bottoming formation and is looking to be in a sustainable recovery. Adam & Eve is one of my favourite reversal formations.  Read about it here.

I am expecting many of our trodden down (but still surviving) oil & gas stocks to continue on a recovery path this year.  Watch for them!

Imperium Crown - Bullish Right Angle Wedge!

Imperium Crown has been forming a Rising Right-Angle Wedge for the past 2 weeks.  
(read more about this stock pattern here).

Today it looked ready to to break up of this wedge I decided to add to my stake in this counter while it was around 0.106.  Not long after it start to break above 0.108 and what a strong move after that!  It hit 0.12 before profit taking came in and closed at 0.115, still a 10% move from yesterday's close at 0.114.  Not too bad!

Just before breaking up today

Imperium Crown - forming a right-angle wedge pattern (4hrly and daily)

Break up!

Imperium Crown - broke up of the wedge strongly!

Jadason - Potential for Bigger Move

Jadason caught my attend in April as it make s strong move up in late March and then spent the first half of April retracing 50% of the prior move in March.  It found support at this 50% retracement (0.049) and began to propel up again, closing at 0.074.

I will not be too surprised if it needs to consolidate (ie pullback some) from here but the bigger picture (weekly chart) below is suggesting the move is far from over.    

The odds are good that it could reach 0.115 over the next few weeks/months (ie another 55% upside from the current price of 0.074).

I will put a trailing stop as having good odds is not a guarantee that the trade will work out according to my expectations. Always have a safety net and cut loss if it doesn't work out.

Let's see!

Daily Chart of Jadason

Weekly Chart of Jadason  

ADDVALUE - broke up today on strong volume!

I was just looking at AddValue a couple of days ago when it was approaching the green trendline resistence of 0.056.  My expectations was that if it broke above, then we can probably expect it to head towards the projected target of 0.096.  

Today it hit 0.056 shortly before 4pm and buying frenzy came in to push it to close at 0.063 by 5pm! 

Okay, it is unlikely to be a smooth sailing straight line up to the projected target of 0.096, I would expect some consolidations/resistences along the way, esp around 0.075 to 0.088.

I would consider to take partial profits on the way up, plus trail my stop loss upwards as the stock progresses.

read my previous post about AddValue here

Sheng Shiong - Short term swing target

Shengshiong consolidated for the past 1 month in narrow range before finally make a break above the trendline resistence at 0.985.  

Based on 100% project of it's prior swing move from this breakup level, I am expecting that this swing will last till about 1.045, which is a 6 cents (6.1%) moves from 0.985.

Let's see!

ADDVALUE - poised to break up above 0.056 soon

Addvalue has been steadily building momentum.  It looks ready to break above 0.056 in the near future.  When it does break above (ideally with strong volume), I will be looking at a projected target of 0.096 (71% upside).

p/s as usual, trailing stops is essential on the way up as not all trades will reach projected targets.

Let's see!

Cityneon - Inverted Head & Shoulders formation (bullish)

Cityneon could be forming an inverted Head & Shoulders (H&S), a potentially bulllish formation, one of my favourite patterns to trade!  See explanation for this chart pattern here.

I have drawn a slanted as well as a horizontal neckline.  Initial entry is at 0.91 (based on the slanted neckline) and should it be able to go above 1.00 (horizontal neckline), then the inverted Head & Shoulders formation is double confirmed.

Should Cityneon be able to break above 1.00, I will look to take partial profits at 1.08 and then 1.20.   Of course, projected target may not materialise (though the odds are quite good with a H&S formation, but odds aren't guarantees), hence trailing stops are still required on the way up.  

Imperium Crown - broke up into Stage 2 this week!

Imperium Crown broke strongly above 0.084 (yellow dotted trendline) last Thursday (27 April), giving the first indication of a possible trend momentum.  Then yesterday (2 May), it finally broke (strongly) above 0.094 (a horizontal resistence), confirming it's debut into a Stage 2 stock.

Projected target is 0.148.  I will be trailing my profits as it progresses upwards, in case it is not able to reach this target.  So let's check back in a few weeks' time.