Karoon Energy Ltd is an Australian oil and gas exploration company operating in Australia, Brazil, and Peru.
“The positive outlook for energy and resources should flow through to higher share prices this year for Karoon,” Michael said.
“At first glance, the chart appears to be a bit messy, but we are starting to see some direction here.
“In November, it retested the earlier March high before falling back again.
“It then spent the following several weeks trading sideways.
“This was a good sign, because we didn’t want to see KAR fall too far back from the old high.
“Once again, it is holding station just near the old high at around $2.40.
“It appears to be poised for an upside break, which should then lead to a new uptrend.
“If we can see KAR to push to a new high for the year, then that would be the next buying opportunity,” Michael said.
Karoon Energy (KAR)
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