TXP find GASTXP is a small cap oil and gas explorer, this month they found significant gas in Trinidad and have a big drill coming up in November
TXP trade ideas
TXP Harmonic pattern to 17 / 18 area?Does it look like a possible harmonic Pattern forming on TXP with an possible entry long at the 17p to 18p area? Share is waiting for news so possible drift to this area?
Symmetrical Triangle - Good probability of break higherSymmetrical triangle with a false breakout 5th touch. Price distributing nicely across the demand area at 14.75 & onto the rising 200DMA. This should narrow over the next week or so & high probability to break higher. Although the present setup is a triangle, the convergence of the supply areas (horizontal supports/resistance) and the fib levels on this chart are very likely to make the overall completion look a lot like an inverse head and shoulders.
52-week high of 37 centsQuote " Touchstone announced an operational and drilling update. The company achieved average second quarter 2018 crude oil production of 1,717 barrels per day (“bbls/d”), representing increases of 11% and 29% from the first quarter of 2018 and the second quarter of 2017, respectively."
Although the volume is not consistent there are a few possible outcomes. Depending on tomorrow, the bulls might take over. TXP hitting its 52-week high will get the attention for interested investors and also those that want to collect their profits, that will determine the trend.
Bounce off Trend line - 0.38 fibs support - 17p targetTrend line holding
resistance becomes support at this level
0.386 fibs
LONG till 17.1p target is met or news spike above itHolding support well at 50% fibs.
Undervalued.
Upcoming drills.
Brent now over $75
Already on well 5 of 10
next operational update could be close to 2000bopd.
TXP $TXP - LONG - Really good support at 23.6% fibs, several dips to that fibs.
Closing above 50% fibs 12.8p will signal a bull move to retest the highs of 17p
