Predator Oil & Gas Holdings PLC (LON: PRD) share price has risen 27.93% over the past week despite the company not making any major announcements during that period.
The oil and gas company’s shares have recently broken out of a massive sideways trading range lasting from mid-July to mid-October is what many expect to be a massive rally.
While there have been no significant news from the company, the recent move higher indicates that buyers are now in control of its share price, which could lead to further gains.
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Predator Oil’s fundamental’s appear pretty solid since it projects in Trinidad, Ireland, and Morrocco are progress well based on its latest investor presentation.
The company is fully focused on producing natural gas, which is a sustainable fuel as it transitions into a more responsible fossil fuel company.
The natural gas company revealed that it had selected six zones for rigless testing. The company also plans to start drilling three wells in Q1 2022.
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Predator Oil & Gas expects to start producing its “first gas” in the form of uncompressed natural gas in H1 2023.
The company is considering the merge of its Irish entities to create an entity that it fully focused on producing natural gas.
The new corporate presentation had a muted impact on the company’s shares at the time of their release, but could be fueling the current rally.
Investors should pay close attention to Predator Oil shares going forward as we anticipate a retest of the recently broken resistance level, now acting as support, followed by a continuation of the current rally.
Meanwhile, the break above the resistance level is a significant move and could fuel a rally higher.
*This is not investment advice.
Predator Oil & Gas share price.
Source: IG
Predator Oil & Gas shares have rallied 27.93% over the past week. Will the rally continue?
Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.
