In tune with a bitter development in the oil has also Lundin Petroleum lost ground during the year. Since the end of the year, it has been clearly negative progressions, but after that we now rekylerat on the heavy support level on two occasions, painted a picture up of the positive undertones, and the momentum looks now, even out to pick up momentum…
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After an initially decline since the end of the year at over -16%, we have during the end of the second quarter started to experience a large drop in the negative vibes.
Already in may we got a rebound on the heavy support level at 161 kronor, which managed to challenge the resistance level at sek 177 after the short trade over the long-term 200-day moving average.
Thereafter, the negative sentiment to put its imprint on the market.
It is a bit of a ”déjà vu” we feel, with clear support from sek 161 than once. The probability that we once again can challenge the sek 177 again, we estimate that high, and see a köpläge already today.
We also believe if we can get a small sommarrally as we highlighted in our weekly OMXS30 analysis, that we would be able to get a positive movement all the way up to 185 crowns.
Brent crude, which also scored pisk recent time, stands out with a slightly more strength in its recovery, now when the sentiment shifted, and may well be a further positive guidance to the north in the future.
Such a movement would also mean that we commit ourselves to challenge the MA 200, and adjusts the rather up our målkurs further, if we succeed in finding the land over this significant technical key level.
In order to limit a possible rebound and a false buy signal is generated, is placed, preferably a stop loss already at 162.50 sek.
Lundin Petroleum is in addition on the road to challenge the short-term MA 50, which would further be able to help with fuel on the rise at the outbreak of.
The stock is traded on the stockholm stock exchange, under the symbol LUPE.
The OMXS Large Cap