Rockrose Energy PLC is a well placed acquisition company to take advantage of the current climate. After a stellar 2019 through completing the acquisition of Marathon Oil, they have high cash reserves with no debt to take advantage of this motivated selling market.
Technical Analysis:
- They have started a rally from the bottom that was capped by 618 retracement of the major monthly view rally
- The bullish push has created a H&S pattern
- The H&S patter is supported with an uprising trend line
- The first target price is 1255, which correlates between the 50 extension of the bullish move, and the support line from the early March crash
Technical Analysis:
- They have started a rally from the bottom that was capped by 618 retracement of the major monthly view rally
- The bullish push has created a H&S pattern
- The H&S patter is supported with an uprising trend line
- The first target price is 1255, which correlates between the 50 extension of the bullish move, and the support line from the early March crash
Trade active:
Target of 1255 was reached this morning off the back of a strong rally yesterday and this morning, with the price retracing from just below the 61% extension of the move from the low. Trade remains open with the next target at 1432 (38% retracement level)
Trade closed manually:
I tripled my position in the trade at 1050 when it came down to meet the long term upward trend line on 29th June. After the announcement they are being acquired, I have now closed the trade at 1830 for an 86% return across both trades.