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Prospex Oil and Gas tests key support level (PXOG)

Prospex Oil and Gas (LSE:PXOG) had a big move north, hitting 0.82p in January when it announced strong flow rates confirmed a significant commercial gas discovery at the Podere Maiar-1d appraisal well in Italy. Po Vally Energy is the operator of the asset with Prospex holding a 17% interest. The price didn’t stick though, in fact, the market took profit pulling the price back by almost third.

Today the share price is back to pre-announcement levels and testing support at 0.44p. The stock has positioned itself into a very tight triangle pattern, and a decisive move is likely imminent. Usually, I would favour upside, but world markets are currently reeling from the news of Trump’s trade threats to China, so things are complicated. In the event of further downside, support around 0.4p should pick up the slack.

Author: Stuart Langelaan

Disclosure: The author of this piece does not own shares in the company mentioned

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