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Empyrean Energy shares are already up by 20% today, but how high can they go?

Technical analyst Zak Mir is tipping the Empyrean Energy PLC (LON:EME) to head towards 12p over the summer months.

“There was the big breakout earlier this month through the 200-day moving average at 3.85p,” says Mir in the latest Proactive Investors Bulletin Board.

“At least while we’re above that the target here over the next two to three months could be as high as 12p which is the top of a 2016 rising price channel.”

Quick facts: Empyrean Energy PLC

Price: 5 GBX

AIM:EME
Market: AIM
Market Cap: £23.56 m
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