Zak Mir Video Blog on Bulletin Board Heroes: ASOS, Forte Energy, MX Oil and Rare Earth Minerals
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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:
ASOS (ASC)
The shares have rebounded after a September / October island reversal.
The likelihood now is that we shall see a new leg to the upside from within a bull flag based at the 10 day moving average at 2,602p.
The target over the next 2-4 weeks is seen as being the top of a July rising trend channel at 3,500p.
Forte Energy (FTE)
We have seen Forte Energy shares go into consolidation mode after a sharp initial November bear trap rebound / October gap fill.
The latest price action suggests a retest of the post summer resistance / 200 day moving average at 0.31p from within a bull flag based at the 10 day moving average at 0.14p.
Cautious traders would wait on a clearance of the 50 day moving average now at 0.23p before taking the plunge on the upside.
MX Oil (MXO)
The shares look to be a very positive wedge setup situation given the wedge shaped breakout in the wake of a sub 2.5p bear trap rebound.
The best way forward now is probably to look to buy into any weakness towards 2.5p to buy into in the wake of the August formation break.
An initial target is towards the former October resistance / 50 day moving average at 3.51p is seen over the next 1-2 months. The buy trigger for the cautious is an end of day close above the neutral 50 RSI level, versus 45 now.
Rare Earth Minerals (REM)
A higher low above the 200 day moving average at 0.96p / October support is the key price action driver for recovery at Rare Earth Minerals at the moment.
An end of day close above the 50 day moving average at 1.27p is the technical buy trigger for the cautious.
The upside is seen as being post August resistance at 1.6p plus should the 50 day line be cleared promptly.
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