Zak Mir Video Blog On Bulletin Board Heroes: Beacon Hill Resources, Bellzone Mining, Naibu Global and Range Resources

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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:

Beacon Hill Resources (BHR)

The unfilled gap to the downside this week within a March descending price channel based towards 0.15p.

The presence of bullish divergence in the RSI window hints at a near term based for Beacon Hill Resources shares, even if there is further downside subsequently.

The dead cat bounce target above the 0.15p level is towards September resistance / 50 day moving average at 0.36p.

Bellzone Mining (BZM)

There is an extended one month base on the daily chart since the middle of August, with a rebound from extreme oversold RSI levels last month and a RSI resistance break at the 30 level.

Above one month resistance at 0.75p implies a retest of the 50 day moving average at 1.45p, 4-6 weeks from the break.

Only sustained price action back below the 0.5p August / Septembers support zone suggests that Bellzone Mining is not a potential recovery situation.

Naibu Global (NBU)

The shares have delivered a near vertical dive via an unfilled gap to the downside this month.

There is a multi tested RSI support line from January running towards 15 which could be an opportunity to trigger an intermediate rally from the floor of a July 2013 price channel.

Only an end of day close back below the 2013 price channel floor  at 22p cancels the prospect of a rally to 30p plus, even if the breakdown continues after any dead cat bounce.

Range Resources (RRL)

Shares of Range Resources have been in a positive consolidation pattern above the 200 day moving average at 1.27p since June.

The best case scenario is that we have no end of day close back below the 200 day line and that while this is the case a push to the 2014 resistance zone of 2.5p plus over the next 1-2 months.

Cautious traders would wait on end of day close above the 20 day moving average at 1.53p as a momentum trigger.

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