HOME > Latest > Richard Jennings is long, Evil Knievil is short. But what does Zak Mir make of African Minerals?

Richard Jennings is long, Evil Knievil is short. But what does Zak Mir make of African Minerals?

By
0 mins. to read

African Minerals (AMI)

The recent price action at African Minerals has been fraught enough to encourage all but the most hardened of traders to stay on the sidelines. However, going into yesterday’s session we did at least nominally have a bullish falling wedge formation in place, backed by an extreme oversold RSI position under 15.

The question was how much of an overshoot to the downside would be seen before any dead cat bounce. In fact, the 2014 support line was heading as low as 12p versus the actual floor to date at 15p. The possibility after the latest sharp reversal is that even if the downtrend resumes later, there could be a retest of the initial September resistance at 32p plus over the next week or so.

GET YOUR FREE COPY OF DOMINIC PICARDA’S GUIDE TO TECHNICAL ANALYSIS – CLICK THE IMAGE BELOW

Comments (0)

Comments are closed.