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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:
Afriag (AFRI)
After an extended decline from September shares of Afriag turned around in the wake of a May bear trap exhaustion gap reversal.
An end of week close with the price action wholly above the 50 day moving average on Friday should be the trigger for a decent turnaround.
The suggested stop loss on the buy argument is an end of day close back below the 50 day moving average at 0.46p, while the initial target is the 200 day moving average at 0.74p over the next 2-4 weeks.
San Leon Energy (SLE)
Shares of San Leon Energy are currently consolidating the July spike / unfilled gap to the upside in a positive manner.
Above the 50 day moving average at 2.42p the shares can still be regarded as heading towards the May price channel top / 200 day moving average at 3.43p.
The initial stop loss on the buy argument is an end of day close back below the 50 day line.
GCM Resources (GCM)
GCM Resources shares continue to make progress within a rising trend channel from the beginning of May.
Ideally, there will now be now end of day close back below the May uptrend line / 20 day moving average at 36p ahead of a new leg to the upside.
The favoured upside destination is as high as 60p over the next 1-2 months at the top of the near term price channel.
CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR H2 2014