Zak Mir Video Blog On Bulletin Board Heroes: African Consolidated Resources, Hurricane Energy, Mwana Africa and TXO
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Spreadbet Magazine editor Zak Mir takes a look at the technical position of some of the bulletin board stocks of the moment amongst private investors.
Here are the key points from today’s video:
African Consolidated Resources (AFCR)
The shares have rebounded back through former October resistance at 1.4p plus
The likelihood now is that while there is no end of day close back below the 50 day moving average at 0.84p the upside here will be at least the post August highs above 1.5p and perhaps even towards 2p.
The timeframe for the upside argument is the next 2-4 weeks, with any weakness towards the 50 day line regarded as a buy opportunity.
Hurricane Energy (HUR)
We have seen Hurricane Energy shares rebound tentatively from a falling June price channel floor towards 18p.
At least while above the June support line projection one would regard Hurricane Energy as a possible bottom fishing opportunity.
Cautious traders would wait on an end of day close above the 20 day moving average at 21.56p before going long.
Mwana Africa (MWA)
The shares have been in a rising trend channel from December last year, currently based at the 200 day moving average level of 2.11p following an October bear trap from well under 2p.
The best way forward now is probably to look to buy into any weakness towards the 200 day moving average zone.
An initial target is towards the September 3p plus resistance is expected during December.
TXO (TXO)
A massive unfilled gap to the upside from April still dominates the TXO daily chart.
The shares have spent this year progressing within a rising trend channel from March based at 0.12p.
Above 0.12p suggests range highs of 0.3p plus could be achievable by the end of December.
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