Ithaca Energy and a promising share price
A high oil price is good news for this newly promoted FTSE 100 energy company. Independent analyst Alistair Strang reveals what his charts say about potential for further upside.
22nd October 2026 07:49
by Alistair Strang from Trends and Targets
Approving the Jackdaw field in the North Sea has been declared essential for energy security in the UK. The next major decision is the Rosebank field, with Ithaca Energy Ordinary Share (LSE:ITH) making it clear they shall reduce UK investment if the government further delays approval for Ithaca to commence oil extraction.
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Ithaca’s share price movements this year are proving promising, recent higher highs giving a reasonable amount of hope for the longer term.
It’s now the case where movement above 308p should next trigger further growth to an initial 323p with our secondary, if bettered, at a future 360p. Of course, in current market conditions, there’s a fair chance any rise shall stumble at around 345p, simply due to the markets not behaving with full commitment.
In the unlikely visual event of Ithaca Energy shares misbehaving, the price needs to drill below 265p (red) as this risks promoting reversal to an initial 238p with our secondary, if broken, at 226p and a strong potential for a bounce.
Should such a level be broken, we can unfortunately calculate a third drop level at 167p, along with a convincing argument as a bottom.
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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