Long
LONG Rockrose Energy PLC
Updated
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.
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