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Baron Oil Share Price Rises 6% But Faces Massive Resistance At 0.115p

Baron Oil (LON: BOIL) share price remained extremely volatile in the last week. However, the stock closed the week in green and has extended its gains by another 5.86% on Monday.

At the time of writing, the shares are trading very close to the next major resistance which lies at 0.115p resistance level. If the price clears this resistance, the upside could be massive.

Since Baron is an independent oil explorer, its stock often shows a very strong correlation to the global oil prices. Oil traders are awaiting the outcome of the upcoming OPEC+ meeting amid a weakening demand.

To take a better shot at Baron Oil share price prediction, let’s analyze its price action on the daily chart. The following chart shows that the price is retesting the range highs of 0.115p after a strong bounce from the range lows of 0.08p earlier this month.

The future outlook will depend on the outcome of the ongoing breakout attempt which has the tendency to push the price 100% upward.

Baron oil share price technical analysis