Tullow Oil plc : The downward path seems to continue
By Alexis Peyrard
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 723 | GBX 650 | GBX 755 | +10.1% |
From a technical viewpoint, prices are in a downward trend. Moving averages are trending down and put pressure on the stock, which confirms this downward momentum. The breakdown of the GBp 722 on closing price would be a bearish signal for a continuation of the current trend.
Investors could take a short position in Tullow Oil under GBp 722. The target will then be GBp 650. They will also place a stop loss above Bp 755, in case of a bullish reversal.