Bullish investors could see Sound Energy PLC shares rally again to re-test 100p, says technical analyst Zak Mir.
“As far as the price action is concerned, you can see that we’ve had the big rally, effectively from the beginning of July through to the middle of September. Since then we’ve been in consolidation mode,” Mir said in a Tip TV segment for Proactive Investors.
The chartist added: “if you are cautious on the shares, if you wait for a break of the September resistance line at 82p before going long again.”
Mir also noted that those that are bullish on the stock ought to keep an eye on a zone of support at around 70p, as below that level he would question whether the best of the rally was over.
Sound Energy shares are up some 350% in 2016 to date.