Magnolia Petroleum (MAGP): Return to 5p Plus

PUBLISHED: Jan 04 2013 @ 06:41 | 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.

Magnolia Petroleum (MAGP): Support Above May Resistance

Although it can be argued that shares of Magnolia Petroleum have been somewhat disappointing past few weeks, the retracement and we have seen has been nothing out of the ordinary even for the most bullish of stocks. This is said on the basis of the way that support continues to come in for the shares well above the 200 day moving average currently at 2.7p, and well above May resistance just under 3p. Indeed while there is no weekly close back below the former May resistance zone we would expect to see shares in Magnolia resume their ongoing mega bull run. Indeed the prospect is for an end of Q1 target back at the best levels of 2012 hitting 5p plus, with this actually the “minimum” upside as long as we continue to see such healthy price action above former H1 2012 resistance.

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