The Anglo African Oil and Gas share price edges closer to breakout (AAOG)

By James Moore

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Last week I highlighted Anglo African Oil and Gas (LSE:AAOG) has been forming a Falling Wedge pattern. The beaten-up share price looks to be considering a breakout, having hit 10.9p this morning.  The 50 Day Moving Average (DMA) has so far pinned down progress. I would anticipate a possible move to 13.5p in the event of a close above the 50 DMA. Positive news on either the license extension or rig contract is surely needed for significant upside and there’s always the risk that continued delays will result in further price degradation.

Author: Stuart Langelaan

Disclosure: The author of this piece owns shares in the company written about above

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Industries:
Energy
Companies:
Anglo African Oil and Gas

Author: James Moore

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.