Will Hunting break support, or will it rise again back to 934p?

• Hunting has rising support since December 2016.
• Now trading 596p (at time of writing).
• Will the pattern repeat itself? Will the shares bounce off support again?
• Shares -39.4% from 2018 highs; +1.9% from 2018 lows; -1.9% year-to-date.
• Hunting is an oil & gas services company
• 3 Dec: Oil higher on 1) Russia ready to continue cooperating on production cuts, and 2) US-China trade detente
• 30 Oct: Hunting says Q3 revenues steady, backs full-year outlook
• Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

Click to enlarge

Trading Hunting – An Example

Let’s say you like the Hunting chart and you think the price is heading back towards 934p again. You decide to buy exposure to £10,000 worth of Hunting using a CFD, at the current price of 596p. To do this, you need £2,000.

Let’s assume Hunting rises back to 934p (+56.7%). Your profit would be £5670, from your initial investment of £2,000.

Conversely, let’s assume you open the above position, and place a stop-loss at 5% from the current price. Hunting falls 5% and hits your stop-loss. Your loss would be £500.

This is provided for information purposes only. It should not be taken as a recommendation.