Hurricane Energy and bitcoin (LSE:HUR)
With Bitcoin now being listed on a “respectable” exchange, we’d hoped some sanity would enter its movement. Currently trading around $14,450, we are seeing early signs of coming shuffles which should provide some opportunity.
Essentially, bitcoin is trading in a region where weakness now below $13,335 should bring relaxation toward $11,490. In itself, probably the point where some sort of bounce can be hoped but, should $11,490 be broken, we’re calculating an express ride down to $6,370. And this is the area where a real bounce shall make sense. Currently it needs exceed $16,870 to cancel this scenario.
Hurricane Energy (HUR) is starting to look interesting again. (last analysis here) We’re showing a “long term” (ie; maybe tomorrow, maybe months away) target currently at 42p and this risks being fairly significant. Essentially, any movement above the 42p mark and we can start planning for 44.5p next with secondary, if bettered even slightly, at 51p.
The 51p level, while being a blooming great leg up from current, still falls far short of last years highs and worse, tends suggest some stutters can be anticipated at such a point. There is a slightly funny aspect as should this rising cycle be powered by the flow of good news, it’s already fairly easy to anticipate a future 74p making itself known.
Of course, in the interests of sanity, it’s also worth remembering the red line across the bottom of the chart. Movement now below 24p would worry us quite a lot, calculating with the potential of 17.5p initially with secondary an “ultimate” bottom at 0.575p.
Visually though, for now it does not stink!
Alistair Strang has led high-profile and “top secret” software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know “how it worked” with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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