88 Energy Plc (LON:88E) shares are in an uptrend, highlights chart guru Zak Mir, who reckons the Alaska focussed explorer could more than double in the coming months.
Mir, in a TIP TV segment for Proactive Investors, says a rally up as high as 5p could come in the next three to six months.
Studying the chart he notes that a ‘golden cross’ trigger preceded a sharp rise in 88 Energy’s share price early in 2016, and it has remained in an uptrend since.
That is positive for traders even if they don’t want to know anything else about the chart he says, though he adds that the stock has also broken through the 50 day moving average which is a key momentum signal.
“Being above the 200 day line, and while it is above it at 1.9p, you’ve got to be positive [about the share],” Mir said.