#JKX looks like it has been in a downtrend from March 2019 and it now appears to be forming a new channel that looks like it will break the downtrend. RSI is tightening into a narrow band too. Nat Gas prices rising and oil price on a long term recovery. Daily Volume has been just over the 14 day average with MACD about to turn bullish. Key areas of resistance at 22p and 33p area will need to be broken for a truly bullish rise. This could be an explosive breakout of an 18 month downtrend with the following positive factors:
1) natural gas prices rising
2) oil prices rising
3) winter season fast approaching so higher nat gas prices expected
4) USA shale rig count below 200 (over 800 at peak) and natural gas is a byproduct of the shale drilling so supply reduced
5) political stability returning to the Ukraine since its "handshake" with Russia
6) the company is debt free
7) the company has a trading update due within the next few weeks
8) break resistance at 22p area and also 33p area
I think this a share that combines a very good technical outlook with some fundamental factors. Hopefully a rare opportunity to acquire cheap shares now before the channel break from the 18 month downtrend is broken.
1) natural gas prices rising
2) oil prices rising
3) winter season fast approaching so higher nat gas prices expected
4) USA shale rig count below 200 (over 800 at peak) and natural gas is a byproduct of the shale drilling so supply reduced
5) political stability returning to the Ukraine since its "handshake" with Russia
6) the company is debt free
7) the company has a trading update due within the next few weeks
8) break resistance at 22p area and also 33p area
I think this a share that combines a very good technical outlook with some fundamental factors. Hopefully a rare opportunity to acquire cheap shares now before the channel break from the 18 month downtrend is broken.