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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at the shares of Enquest (ENQ), Flybe Group (FLYB), Skyepharma (SKP) and offer some share price targets.
Enquest (ENQ): 200 Day Line Target At 42p
Looking at the daily chart of North Sea focused oil explorer Enquest, it can be seen how there has been a decline mirroring the declines of Brent Crude over the past year, and if anything offering us something which felt even worse. The current position on this stock technically offers some crumbs of comfort to the bulls is the way that there would appear to be a nascent rebound off the floor of a broadening triangle which has been in place since December. The other point to note is the way that the low in August has not only been a higher low that was offered in January at 21.50p, but also the floor this month has been above the bottom of the January gap at 23.5p, a feature which remains unfilled. All of this would go to suggest that at least for the next few weeks we may have an intermediate rally here, one that could take the stock back towards the area of the 200 day moving average currently running at 42.68p. Indeed, at this stage only back below the 10 day moving average now at 29.92p is seen as being negative enough a development to delay the prospect of a dead cat bounce. j
Flybe Group (FLYB): 200 Day Line Rebound Could Offer 137p
In contrast to some of its larger cousins in the no frills space, and of course, British Airways owner International Consolidated Airlines (IAG), it can be said that the past year at least in share price terms has not exactly been a happy one. The way the shares managed to fall by almost two thirds in the year from June 2014 to June 2015 of course speaks for itself, a state of affairs all the more depressing given the way that the collapse in the price of oil should have provided some material comfort. However, since June we have seen a decent take off in the stock, with the start of the process being triggered by the recovery of the 50 day moving average in June at the 56p level. Since then the bulls have been backed by the clearance of the 200 day moving average now at 76p, and the latest bounce off this feature which backs the idea of a new leg to the upside. Indeed, while there is no end of day close for Flybe shares back below their 200 day line one would be happy to call this situation up as high as the top of a November rising trend channel at 137p as a best case scenario target over the next 3-4 months.
Skyepharma (SKP): 400p Target While Above The 50 Day Line
While many may fret about GDP growth and the underperformance of leading UK shares, there are clearly sectors of the economy that are able to flourish even in the present environment. One of the better spaces has been the pharmaceuticals, with arguably Shire Pharma (SHP) something of a leading light in this respect. Further down the market capitalisation scale we have Skyepharma were there has been an extended bull run from as long ago as July 2013 when the 200 day moving average was recovered, and a 50 day / 200 day moving average buy signal was served up. This caused the stock to rise nearly seven fold, with the price action for 2015 essentially a consolidation of the big rally. The good news now as we approach the end of the summer is that the shares look to have served up a slightly higher low just under 250p versus January, with the recovery of the 50 day moving average at 277p appearing to be a healthy development. The view now is that provided there is no end of day close back below the 50 day line one would be looking for progress within a rising trend channel from October. The resistance lie projection of the channel is pointing at 400p, and this is the 2-3 months target.
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