Small Caps Charting: #AST #GGP #NCCL #RBD #UKOG

Ascent Resources:

The current overall scenario here with Ascent Resources is that we are looking for a near term push higher towards the top of a rising trend channel at 3p – a channel which can be drawn in from as long ago as the summer of 2016. The good news in the near term is the way that post August support under 1.7p seems to be met with decent buying interest intraday. As previously suggested, those cautious of the stock can wait on an end of day close back above the 10 day moving average at 2.16p before pressing the buy button.


Greatland Gold:

Here we have a close up look at the trajectory of Greatland Gold, with the price channel contained by 1.5p at the support line and an implied 3.5p near term target. The big target here was suggested as being as high as 4p earlier this week. At the same time, given how hot this situation is, one would be looking out for possible setbacks to flush out the weak hands. Therefore the risk of a temporary dive towards 1p – 1.25p cannot be ruled out. This would be the buying zone for those who have so far missed out on the party here.


Ncondezi Energy:

Clearly, the highlight of the price action for Ncondezi has been and remains the horrific slide in the stock in H1 2017. Indeed, this decline was so painful it would be quite understandable if some traders vowed not to look at this stock again. However, it can be seen how the flushout from earlier this week did do the job in terms of ironing out a base from which the stock has emerged relatively strongly. This is said on the basis that the shares have easily cleared the 200 day moving average now at 4.5p. At least while there is no weekly close back below this feature one could afford the luxury of assuming significant new upside here. How high this could stretch is suggested by the top of a rising trend channel’s resistance line pointing as high as 13p. The timeframe on such a move is seen as being the next 2-3 months.


Reabold Resources:

There is obviously not much in the way of charting furniture to go by here on the daily timeframe of Reabold Resources. But what there is appears relatively solid. This is because since the beginning of last month we have seen progress within a rising trend channel from below the 50 day and 200 day moving averages under 0.70p. The message now is that at least while there is no end of day close back below the 50 day line now at 0.67p, one would be looking to a 1.3p target over the next 1-2 months at the top of the rising September price channel.


UK Oil & Gas:

UKOG obviously put a smile on many a traders face earlier this year, with the 10 bagger move ending at the beginning of September. We are now in something of a hangover stage. This point is underlined by the way the stock is fighting an island top reversal, after the gap higher in August and the gap down earlier this month. The risk now is that even if the best levels of 2017 are recovered by the end of this year towards 10p, we will have to see a drill down to at least the 200 day moving average at 3.36p and even towards the main 2-3p support zone from early July. Those who wish to give the benefit of the doubt to UKOG can wait on the 4p neckline support from July to snap before giving up the ghost here.


Author: Zak Mir

Financial commentator, interviewer, technical analyst

Leave a Reply