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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 recovered after an extreme oversold RSI reading under 10.
Even after the latest sharp rebound the RSI is only just over neutral indicating scope for further significant gains.
While there is no end of day close back below the 20 day moving average at 0.84p one would be looking to a journey to the top the February price channel at 1.26p by the end of next month.
Leni Gas & Oil (LGO)
Leni Gas & Oil shares have delivered an ultra sharp rebound off the floor of a rising April price channel at 3p.
The latest price action is a bull flag breakout from a likely mid move consolidation
While there is no end of day close back below the 10 day moving average at 4.52p the upside for the shares should be towards the April price channel top at 7p plus over the next 1-2 months.
Rare Earth Minerals (REM)
The shares look to have rebounded well off the floor of a rising trend channel from April / 200 day moving average at 0.93p.
The best way forward now is probably to look to buy into any weakness towards the 20 day moving average at 1.2p.
Only an end of day close back below the 2014 price channel floor would delay the prospect of a rebound to as high as 2p plus zone over the next 1-2 months.
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