Dejour Energy Inc (USA) (NYSEMKT:DEJ) : Technical Analysis


Dallas, Texas 04/17/2014 (FINANCIALSTRENDS) –  Dejour Energy Inc (USA) (NYSEMKT:DEJ) made healthy gains on Wednesday, the stock made a substantial gain of 7.41% to close at $0.29. The stock has been trading in a very volatile manner in the last few trading session with no directional trading in the stock.

Dejour Energy Inc (USA) (NYSEMKT:DEJ) is currently trading above its 200 day moving average and 50 day moving averages which stand at $0.18 and $0.20 respectively, the stock made a high of $0.31 on Wednesday and lost some of its intraday gains to consolidate at $0.29.

According to the daily charts the momentum indicators for the stock have turned upwards, this is a bullish sign, the relative strength index for the stock took a sharp turn upwards which again indicated a bullish trend for the stock, the momentum indicators on the weekly charts are also approaching the overbought zone and relative strength index is giving strong buy signals. All this technical indicators suggest the stock has a very strong upside and may see a uptrend in the next few trading sessions.

Dejour Energy Inc (USA) (NYSEMKT:DEJ) has a very strong upside from the current levels, as can be seen on the daily charts, from the current levels the stock has a strong trend line resistance around $0.32 and on the downside the stock has a strong support around $ 0.18 and a close below this level could see the stock test $ 0.16 levels.

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The gains in Dejour Energy Inc prices came after a project of the company named Woodrush Oil Project saw a production rise of 60%, this project is based in British Colombia and the production topped 540 boe (barrel of oil), the company also purchased assets to produce Natural Gas around the woodrush project.