Chartist Zak Mir sees an opportunity for a trade in the shares of UK Oil & Gas Investment Plc (LON:UKOG).
Mir, the ‘King of Charts’, in a TIP TV segment for Proactive Investors is expecting to soon see a ‘golden cross’ buy signal, and he reckons the price can rise from current levels (1.75p) to around 2.5p per share.
“What technical people will be enjoying at the moment is the way we’ve got both the 50-day and 200-day moving average rising,” the technical analyst says.
“They’re both rising and they’ll probably deliver a golden cross buy signal over the next couple of weeks.
“So that would be a decent technical reason to go long.”