Petrel Resources price analysis: PET becomes bullish, will it reach the resistance at 20.00?
By
Azeez Mustapha
PUBLISHED:
Nov 22 2019 @ 06:12
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More info about Azeez Mustapha
Petrel Resources shares (LSE:PET) are in an uptrend, as price is trying to recover from its recent losses. The first target is the resistance level at 10.00 and the second target is at the resistance level of 20.00.
Since the market moved above the upper Trendline in November 2019, the rally has become strong as the resistance level at 10.00 is about to be breached. As long as price doesn’t go below the upper Trendline, the bullish bias on the market would be valid.
The RSI period 14 is above the level 60, and it may soon reach the level 80 as the market becomes overbought.
There may be temporary pullbacks or pauses along the way; but PET is supposed to continue going upwards, and probably reaching the supply level at 20.00
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