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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:
Extended support since last month along the 50 day moving average at 0.44p.
Initial 0.6p resistance.
Break of post June resistance should lead to 1p zone relatively quickly.
Castleton Technology (CTP)
Rising February price channel based at the 50 day moving average, which lies at 1p.
Consolidation between 1p – 1.2p.
Clearance of 1.2p should lead to 2014 resistance line at 1.8p over the next 1-2 months.
One touch July rebound from the 50 day moving average at 6.2p.
Likely bull flag consolidation currently.
Above 50 day line targets the 2013 price channel top at 9p for August.
Richland Resources (RLD)
Initial 200 day moving average break through 2.96p.
Consolidation between current levels and the former June 2.75p peak expected.
Above 200 day moving average on a consistent basis targets as high as the October price channel top at 6p on a 2-3 month view.
Extended RSI support line from October backs the idea of a new leg to the upside being imminent.
20 day moving average at 39p a decent momentum buy trigger.
February price channel top target towards 50p still valid above 35p.
CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR 2H 2014