Afren

A new 123 low on the daily as well TF with a target of 104.75 should 99.40 break to the upside

Hi all, I don't really want to comment further on this since I don't believe technicals can give an edge here. Bad news is coming, the only question is how bad.

The only way to look at this is sensibly and not like a PI. Wait for the news and then act rationally without emotion

Support at 73 might be a good bet post news.

F4T

Monthly Chart if it helps

This is fragile but IMO there is an excellent chance of this bouncing or finding a bottom at 72.25. RSI approaching support and first resistance in the 90/92 area for a decent return when/if some confidence returns (on daily and weekly).

uk.advfn.com/p.php?pid=chartscreenshotsh...UmAQ=&symbol=A%5EAPT

uk.advfn.com/p.php?pid=chartscreenshotsh...oY%3D&symbol=A%5EAPT

Hi Ian,

Afren made 5 year low this morning SP 71.35, lowest since end Aug 2009. I was tempted to dip my toe in but think I'll hold off and wait and see, there is a definite chance that this may fall to low 50's even low 40's if this negative sentiment continues. It could well become a take over target at those prices. If, however, there does appear to be strong bounce from here back towards low 90's then I may jump in for a quick ride. A significant announcement such as some new replacement board members with gravitas would certainly help re-instill the lost confidence here.

Problem at the moment Count with E&P companies is that crude is being hammered and the US$ isn't helping. When crude prices turn the outlook for companies with revenues like Afren should improve.

At the moment there is not enough volume being traded at this level to indicate a bottom might form, but it is hanging in there so far.

I wouldn't let your emotions run away mate. A couple of weeks ago some on here were calling doomsday on the indices and GKP at 10p lol. Swings and roundabouts. US markets ARE about to retrace again though IMO. GL