Faroe Petroleum is an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway. Faroe Petroleum is trading in a bullish trend and several arguments argue for the continuation of this trend.

From a fundamental viewpoint, the company is strong. Surperformance ratings confirm it. The Thomson Reuters consensus revised regularly upward EPS estimates of the company for the current year.

From a technical viewpoint, the security is trading in a bullish trend in the short term. Increasing 20-day moving averages let think there will be no reversal in the coming trading sessions. This growth should help to reach soon the GBp 177.8 resistance.

According to both technical and fundamental elements, it seems opportune to take a long position at the current price. The bullish trend should allow the security to reach the GBp 177.8 resistance. If the stock crosses it, a new target price will be set. A stop loss will be placed under 20-day moving average at GBp 150 to avoid a downtrend.