A Strong Bearish Trendline and a Yearly Low for Angus Energy Stock

• The stock has been restricted by a bearish trendline since April. Till date, the stock has made no attempts to breach it!
• The stock has been highly bearish and has given almost a negative 60% return this year.
• The stock currently stands at a very crucial support and the setup looks highly weak.

Angus Energy Plc produces and develops hydrocarbons. This firm owns and runs Saltfleetby Gas, Balcombe, Lindsey, and Brockham Oil Fields. The company was founded by Jonathan Tidswell-Pretorious Bearish on June 1, 2015. It is headquartered in London, the United Kingdom.

The company has highly weak financials because there is no consistency in revenue or income. The past 2 years have been highly negative in terms of net income. It is a big reason why the stock has been falling this bad.

Technical analysis for the stock:

As we can see in a daily chart for the stock, there has been a highly strong bearish trendline. It has restricted the stock within itself. This started from 1.9 pence levels and has brought the stock down to the current levels at 0.675 pence. The trend looks highly strong. The stock has not attempted to breach it even once in this entire time of 5 months. 

The stock is at a highly strong support level and also stands at yearly low prices. The financials of the company are weak. That is another reason why the stock has crashed so much. 

The stock sustains above 0.547 pence, we might expect a breakout for the stock. If we see a much-awaited breakout from or around the current levels, 1.094 pence can be a good target above which we can look to enter the stock long.

If the current bearish trend is still followed, the only support and target beneath 0.547 pence is 0.38 pence. The stock might see a free fall below there.

On an hourly chart, we see highly volume-less candles. That is not a good sign for the stock. The stock as of now also looks weak and some more downside can still be expected ahead. Until and unless the stock breaches out of the ongoing trendline, you should stay away.

Technical indicators including EMA predict a more negative movement in the stock whilst RSI stays neutral as of now. The stock currently looks highly risky. Thus, the best advice for anyone would be to stay away.

Investors, who are already stuck, should wait for the stock to recover and exit as soon as they find a good price. Volumes in the stock clearly show a lack of buyers and sellers making a huge red flag.

Conclusion:

The stock is stuck in a negative trend. As long as the stock does not come out of that, you should not enter. The current setup still looks highly negative. More downward movement can be seen in the upcoming days and weeks. It is a highly risky and nontrustworthy one.