Alkane Energy - Back to 100p
Says Zak Mir of Zaks-TA.com
The stock market is full of hyperbole, especially from tipsters. I chanced upon Alkane Energy today and my immediate reaction was that it is the best stock chart I have ever seen.

This may sound somewhat melodramatic, but I do not think that it is an exaggeration. As all traders know (including Nick Leeson if you are reading), the way to make real money is by betting the bank on the really big calls. That is the aim of my site. Nick, if you're still there, now is the time to go long of Alkane Energy - it has to be a better bet than a Nikkei arbitrage.

Although a chartist is fully allowed to ignore the fundamentals and look purely at the technicals, the fundamental background to Alkane is a company that declared losses of 284,000 pounds in its last set of results versus 20 million pounds in the previous year. This is a great recovery situation just in financial terms and the hopes of the bulls are carried in the form of a very extended base on the chart below 20p that was in place for nearly three years. The charting rule is that the longer the base, the bigger and more powerful the eventual breakout. This would imply that we are looking at the possibility of a full return to the highs seen at the start of the decade towards 100p.

Only an end of day close below the 10 week moving average on the weekly chart at 19p would even begin to cast doubt on the upside. The minimum expected target in the near term would be the 40 week moving average now running through 40p.

Up 4.9% this morning!

Now up 8.2%

hope to see further support around these levels-

Nice to see someone bought 300K this afternoon. Price was such that it could be an institution buying in.

And yet another 300K buy at the close!

That big buyer's back gain this afternoon

looks like we may trade sideways for a while until further developments- i think autumn could be interesting time for alk.

Metals strengthened yesterday on weakness in the dollar with Silver reaching 730c and October Gold back up to 435.0, dealers are long and are pushing for a return to the highs of June at 447.50. Oil, Natural Gas and Heating Oil all hit fresh highs yesterday on fears that regime change in Saudi may signal a hardening of views over oil production levels. It is expected that OPEC will signal a change to a target range of $40-$50 per barrel from the current $28. Oil is now off at 61.00-61.08 and looking for further news to send it higher. Bears are taking some relief but the pressure is still to the upside.

Still at 32.5p...this is a resistance level...current trend looks difficult to break.

either way if it goes through upside good if for some reason it trades lower below thirties i will add- keeping a long term view on this stock all my energy stocks at this time have stalled and are direction less.

Oil hits fresh high on worries over world supply
LONDON (Reuters) - Oil climbed to a new high on Wednesday on expectations that U.S. data would show another fall in the crude stocks of the world's biggest consumer and as big U.S. refiners struggled with unplanned shutdowns.

There were also fears of further disruption to U.S. Gulf of Mexico output as the government warned of a severe hurricane season, and worry over the long-term stability of the world's biggest oil producer Saudi Arabia after the death of King Fahd.

U.S. light sweet crude for September delivery hit a record high of $62.31 a barrel, up 42 cents, breaking through the contract high of $62.30 set on Monday after Fahd's death.

London Brent crude also hit a peak of $61.09 a barrel, up 47 cents from Tuesday and also above its previous record high of $60.98.

Oil prices have charged higher over the past two years as the world's overstretched production capacity has struggled to satisfy voracious demand from the United States and the rapidly growing economies of countries such as China and India.

29p today...going downwards

nice to see some positivity surrounding alk at the moment-

just jumped on board at 33p. Liked the article in Small Company Sharewatch.

Thread for the more intelligent.

https://www.moneyam.com/InvestorsRoom/posts.php?tid=8461#lastread

Why the jump today?

why not- it has been over slaughtered in recent weeks -imo. i think the selling has been overdone-

The jump was probably due to the article in SCSW.

some huge volume today 25m- something is going on!

This is from The Times today.Alkane Energy rose 2p at 37p as ten million shares said to have come from Apax Partners, which has been trimming its stake were sold on at 35p