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
