Will Tullow Oil break support, or will it rise again to 273p?

• Rising support since late Dec at 221p
• Bounced 3 times from support zone to trade 232p (at time of writing)
• Will the pattern repeat itself, rising back to Oct highs around 273p?
• Shares -0.55% from 2019 highs; +35.8% from 2019 lows; +29.2% year-to-date.
• 14 Feb: Brokers at Canaccord raised the target price on Tullow Oil to 290p.
• Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

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Trading Tullow Oil – An Example

Let’s say you like the Tullow Oil range, you think it’s heading back up to 273p again. You decide to buy exposure to £10,000 worth of Tullow Oil using a CFD, at the current price of 232p. To do this, you need £2,000.

Let’s assume Tullow Oil rises back to Oct highs around 273p (+17.6%). Your profit would be £1760, from your initial investment of £2,000.

Conversely, let’s assume you open the above position, and place a stop-loss at 6% from the current price. Tullow Oil falls 6% and hits your stop-loss. Your loss would be £600.

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