Home » Technical Analysis » UPDATE: Savannah Resources (SAV) Extended Base Should Lead Towards 8p Initially

UPDATE: Savannah Resources (SAV) Extended Base Should Lead Towards 8p Initially

Savannah Resources PLC SAV Technical Analysis Chart 090914

 

Technical Analysis Updates: Fastnet Oil & Gas (LON: FAST), Nostra Terra Oil & Gas (LON: NTOG) And Savannah Resources (LON: SAV)

It is interesting to note that for recent DirectorsTalk TA there has been decent progress for  Fastnet Oil & Gas (LON: FAST), Nostra Terra Oil & Gas (LON: NTOG) and Savannah Resources (LON: SAV), even while the general flow as far as many comparable smaller, speculative companies has been mixed at best. What has helped in these situations  is the quality of the charting setups, something which is illustrated as we update the recent bullish calls.

 

Savannah Resources (LON: SAV): Extended Base Should Lead Towards 8p Initially

It can be said that as far as Savannah Resources shares have been concerned over much of the past year we have been on the receiving end of many of the typical examples of price action / technicals that one would expect to see in many of the minnows. For instance, there was a massive rally from below 3p to 13p plus over the November to March period, followed by a massive wind down of this bull run. The pullback from the best levels of 2014 almost took the shares back to where they came from in the wake of the extended base on the daily chart since May.

However, the uptrend line in the RSI window which has been multi tested since May has finally done its job in accelerating momentum in terms of the price action. The suggestion now is that one should go with the early September break through the 50 day moving average at 4.38p. At least while above this feature on an end of day close stop loss basis the upside is seen as being back towards post April resistance at 8p. The timeframe is the next 6-8 weeks.