Joe Neighbour from Central Markets is looking at buying shares in the British oil and gas company BG Group. BG shares have actually fallen to a critical support level around 1000 pence and have not proved to be popular in recent weeks.
Joe sees evidence of bullish divergence on the charts which offers him some encouragement. The shares have also bounced off from this relative support level both on price and on a relative basis in the last few sessions.
Therefore Joe is looking to buck the trend and buy as close as possible to the 1000 pence support level with a tight stop around 975 pence targeting 1150 pence over the medium term.
Joe Neighbour is a Technical Analyst and contributes to Saxo Bank's Social Trading.
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