Zak Mir's AIM Stocks Charting: ASC, IOM, RRL

PUBLISHED: Nov 20 2012 @ 11:31 | 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 & Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) – day in / day out.

ASOS (LSE:ASC): 50 Day Moving Average Break

ASOS shares have been delivering a rather complicated charting picture over the early autumn, with the best that can be said at this point being that we have been looking at a failed head and shoulders breakdown. The likelihood now is that the latest end of day close back above the 50 day moving average rising at £22.62 will be enough to deliver the kind momentum required to retest October resistance above £25.50 over the next 2 to 4 weeks.

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Iomart (LSE:IOM): Support Above 50 Day Moving Average

The real attraction as far as Iomart shares is the way that since the second half of the year began we have seen the price action hold at and above the 50 day moving average now at £1.91 over an extended period. This is only seen in the most bullish of situations, with the implication being that while there is no end of day close back below the 50 day line that could be looking at a top of 2012 price channel as high as £2.30 on a one to two-month timeframe.

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Range Resources (LSE:RRL): Double Resistance / Weak Support

Although it may be the case that many traders are willing Range Resources to break back to the upside, there are two major technical barriers to the recovery here. The first is a falling the price channel on the daily chart from, with its support line projection heading as low as 2p, the implied target over the next 2 to 3 months. There is also a falling 50 day moving average at 4.5p, a feature which is acted as resistance since June. At the moment what prevents Range Resources heading directly towards the floor of the May price channel is minor support around the 3.5p zone. What can be said now is that while the chances of 3.5p breaking on a weekly close basis a relatively slim, if this does then an acceleration to the downside could be quite swift. The meantime only above 4.5p on a sustained basis really turns Range Resources into an outright bull play.

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