ROYL is forming a bullish MACD divergence

[antonioac]

Royale Energy, Inc. (NASDAQ:ROYL) is forming a bullish MACD divergence on the daily chart that is certaintly a sign that price can go up. The stock is finding resistance around the 50-day moving average but is also finding support just above the $1.96. As for the longer term, I feel the stock can get back to $2.30-$2.40 toward the end of 2010. $2.07 is now a major resistance level on the upside, and close above $2.17 ( 200-dma ) would be very bullish. I like the chart pattern and feel that ROYL will try to break through resistance sometime this week. Keep a close eye on this stock, because once it breaks through, we should see a very fast, high volume move.

6382

[antonioac]

It seems the stock broke the resistance area at $2.07 and has moved decisively to the upside. That’s a powerful sign that high prices are likely to continue. Long positions may be considered on price weakness, with a stop-loss at $1.96. The next resistance it could encounter is at $2.20. Once that level is breached, the next resistance could be the 2.50 psychological area then 2.59. In addition, the On Balance Volume is increasing, this clearly shows that smart money is moving into the stock.

6466

[antonioac]

This is simply a short note to inform you that ROYL is now up over 5% and is starting to trade at a steady stream with no sign of slowing.

[antonioac]

Boooommmmm :d

7666

[8307c4]

Ok.

[davie08]

hahaha good call.

[Billionaire Boy]

Very cool

[Billionaire Boy]

Thanks Antonioac, this stock making me some serious money right now.