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Anglo African Oil & Gas turning old resistance into support? #AAOG

We have covered Anglo African Oil and Gas (LSE:AAOG) already today in an exclusive interview with new CEO James Berwick. Anglo’s share price is still well under its IPO price of 20p, and after dipping as low as 9p, this month has seen a revival in the stock with it hitting 15.5p last week.  It appears consolidation has been taking place and today has seen a decent bounce off an old resistance zone at 13p. Having successfully retested this level it’s fair to assume its now support. The Relative Strength Index (RSI) has dropped back allowing good headroom for another attack on resistance. There is quite a bit of resistance ahead at around 16p with several trend lines and the 200 DMA meeting in that area, but with plenty of newsflow forthcoming the Anglo share price may have put its lows behind it.

Author: Stuart Langelaan

Disclosure: The Author owns shares in the company mentioned above.

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