Zak Mir Video Blog On Bulletin Board Heroes: African Minerals, Bacanora Minerals, Mosman Oil & Gas and Quindell
CLICK THE IMAGE BELOW TO VIEW TODAY’S VIDEO
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 Minerals (AMC)
The recent triangle formation based at 10p is a consolidation feature, and does not represent a reversal attempt.
While there is no end of day close back below the August price channel floor at 10p one would still expect an intermediate revival.
Cautious traders would wait on a clearance of the 50 day moving average still up at 18p before assuming that the worst of the bear run is finally over.
Bacanora Minerals (BCN)
An extended line of support for November is backed by the as yet unfilled gap to the upside seen last month and the bear trap from just below 40p.
The latest price action could be bought into for a return to the 60p 50 day moving average level.
While there is no end of day close back below the main 50p floor the upside here could be back towards the main autumn 70p zone resistance over the next 1-2 months.
Mosman Oil & Gas (MSMN)
A higher November low above 10p backs the idea of at least an intermediate rebound for Mosman Oil & Gas.
The best way forward now is probably to look to buy into any weakness towards the recent 10p support zone.
Only cautious traders would wait on a clearance of the 20 day moving average at 14p as a momentum buy signal before going long.
Quindell (QPP)
We have a possible selling climax towards 60p in the wake of an unfilled gap to the downside through 120p this week.
While below the 10 day moving average – now at 109p – there is still a risk of a retest of the 60p low of November to date.
Only closing the November gap would really get the bulls back in play after such a serious breakdown.
SEE ZAK PRESENT IN LONDON ON MONDAY 24th NOVEMBER
FOR MORE INFORMATION AND TO BOOK FREE TICKETS
Comments (0)