A Strong Oil Stock at a Great Entry Point

Technical analyst Clive Maund discusses a small-cap oil and gas company that he believes has lots of upside potential.

The purpose of this update on Amazing Energy Oil & Gas Co. (AMAZ:OTCQX) is to point out that its chart still presents a very strong picture, despite the reaction back of the past week or so, and since this reaction back is normal and has done no technical damage, it is viewed as throwing up an excellent buying opportunity in a stock that has demonstrated with its spike higher earlier this month on enormous record volume that it is set to go much higher.

We can see the spike higher on massive volume and subsequent reaction back to support in detail on the latest 6-month chart and the point where we went for it again on 8th March as this spike was starting. The reaction back was due to overhanging supply from non-believers impacting, but on the next advance there will be less of them around. The volume pattern and volume indicators are strongly bullish, moving averages are in bullish alignment and the MACD indicator shows that there is plenty of room for a big move up from here.


The 4-year chart is most useful as it reveals exactly what is going on and why Amazing has so much upside potential from here. On this chart we can see that it has been marking out a giant base pattern since mid-2015, with the latter part of it, from early last year, being a slightly odd-shaped but distinct Cup & Handle base, accompanied by a signature volume pattern for this type of base pattern. The volume buildup over the past 6-months is a bullish sign, as is the resulting surge in volume indicators, especially in recent weeks. The reason for the massive volume blast over a week ago was that, despite it not breaking above the resistance marking the upper boundary of the entire base pattern going back to 2015, it was breaking out of the Cup & Handle base. Thus the reaction back that has followed over the past week is viewed as presenting the LAST CHANCE to buy this stock cheap before it takes off higher in a serious manner – and this should happen regardless of what the oil sector as a whole does, because of the fundamentals particular to this company. As you may recall we went for it again right ahead of the high volume spike, and as fortune would have it we are being granted "a second bite at the cherry."


Conclusion: the prospects for this stock are very bright, and it is viewed as being at a great entry point here after the reaction of the past week or so, so holders should stay long and it is viewed as an immediate strong buy again here. Amazing has 68.4 million shares in issue, of which the float is about 45 million.

Amazing Energy Oil & Gas website.

Amazing Energy Oil & Gas Co, AMAZ on OTC, trading at $0.62 on 16th March 2018.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site


Amazing Energy Oil & GasSmall-Capo&gStreetwise Reports

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 10 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice