Bullish potential detected for HHR - an oil and gas play

In the context of a 'down day' on the ASX market, aligning with crude oil futures (CL) appearing to successfully test support levels of $82.06 on a 4 hourly chart, HHR is holding up well and represents a potential bullish opportunity should momentum continue and higher highs and higher lows be made past the current position. I'll cover this more in the upcoming weekly video, however as can be seen in the chart, the stock price is currently testing prior resistance (potentially now support) of $0.029, aligning with technical indicators of RSI and DMI. Personal stop loss for the trade would be below the low of this channel formation (i.e.: below the low of $0.022).

Trade active:

Further update provided in the latest weekly video update

Comment:

Suggested in the latest video update for week ended 20-Oct to close out position in order to preserve capital if not wishing to stick to initial stop loss set on trade (since share price now firmly beneath 10 and 30 day MA's and below resistance levels; remove from watchlist).