Chariot Oil & Gas: here’s how the shares could charge upward
There’s been positive sentiment on its global projects. Our chartist looks for a catalyst.
12th November 2020 09:35
by Alistair Strang from Trends and Targets
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There’s been positive sentiment on its global projects. Our chartist looks for a catalyst.
Chariot Oil & Gas (LSE:CHAR)
It has been a few years since we glanced at Chariot Oil & Gas (LSE:CHAR) and it took an email to remind us they still exist.
If we opt to judge them by their website, extremely positive views emerge thanks to their work in Brazil, Morocco and Namibia.
This flood of strong future sentiment certainly made us question why the share spent a couple of years below the 5p level!
However, it is apparently all change for the future.
Chariot, presently trading around the 10p level, is showing some fairly reasonable potentials.
Near-term, we shall be interested if the share trades above just 12.5p.
Such an insignificant motion risks triggering further recovery toward an initial 15p.
In the event of it trading beyond the 15p level we'd hope either positive news or positive market conditions shall promote further recovery toward 20p.
While accomplishing a feat such as this matches the highs of 2018, it is important to remember the price is enjoying a break above the downtrend since 2013.
This sort of big picture thing can often promote strong growth for the longer term, especially as closure above the 20p level illuminates an absurd-sounding potential at 42p somewhere down the line.
For now, we suspect the 15p level shall prove capable of some hesitation.
Finally, it's a short sharp report as our recent focus on the American markets needs our brains to switch up a gear. An early sign of this came today, watching the behaviour between our two unwanted cats and our two Golden Retrievers.
The penny finally dropped - dogs have evolved to become a perfect companion for man.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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