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Nostra Terra bounces off key technical support level (NTOG)

Nostra Terra Oil and Gas (LSE:NTOG) is up 16% today as its non-executive Chairman, Mr Kristian Ewen Ainsworth moved some of his shares into an ISA. The number of shares was only 350,100 but the timing was impeccable with the exercise price being very close to the low hit on Nostra’s recent share price pullback.

The share price has drifted somewhat over the past few months during a period which has seen less news flow than the start of the year. However, the company has said it is working in the background ‘evaluating a number of potential acquisition targets’. Mr Ainsworth stated in the recent interim results that the company’s ‘goal for H2 is very much to introduce new projects to Nostra Terra and to expand our Permian presence’.

A look at the daily chart reveals Nostra has bounced off a key intersection of support having hit very oversold levels. There is a distinct horizontal support level at 2.9p. This is also joined by a reasonably fresh line of support from the lows in March and April, as well as the bottom of a much longer-term upward trend channel which dates back to 2016.

It’s worth noting that this year’s price action is in a distinctive Falling Wedge pattern which usually concludes with a bullish breakout. 4p is the current top of the wedge pattern, with a breakout potentially offering upside to the January high of 6p and the top of the upward trend channel which currently sits at 6.5p.

Author: Stuart Langelaan              

Disclosure: The author holds a position in the company mentioned above


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