Is the Coro Energy share price forming a support base? (CORO)

By James Moore

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We have covered Coro Energy (LSE:CORO) a few times previously as a speculative play. At present, it is not possible to place a value on the potential of the company with so many unknowns, namely what acquisitions the board will bring to the table. From a technical perspective, the share price has revisited the 3p area which appears to be becoming a support level.  This follows the stock poking its head above 4.3p just two months ago – this high being a shade below the last placing price of 4.38p.

Coro is in a general downtrend but if it can rebound from here it could be showing signs a decent baseline is in. A move out and above the purple downward channel would be a good start to break the trend. There is however little in the way of support below 3p so a tight stop may be advisable on entering a trade – the main channel running from June 2017 would only offer a cushion around 2.3p. The Relative Strength Index (RSI) has moved into very-oversold territory.

Author: Stuart Langelaan

Disclosure: The Author does not own shares in the company mentioned above

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Coro Energy

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.