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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:
Castleton Technology (CTP)
The shares have consolidated via a higher low for late November versus October within a broadening triangle from March.
The likelihood now is that while there is no end of day close back below the 10 day moving average at 1.75p the upside here will be towards the 2014 price channel top at 2.5p over the next 4-6 weeks.
Only cautious traders would wait on a clearance of the November 2p intraday resistance before taking the plunge on the upside.
Kibo Mining (KIBO)
We have seen Kibo Mining shares rebound steadily from the floor of a broadening 2014 triangle.
At least while above the 10 day moving average at 1.75p we would be looking for further recovery.
The former 2014 resistance line projection as high as 3.2p could be a viable end of year target in the wake of a quick 200 day moving average clearance at 2.2p.
Proxama (PROX)
A fresh rally looks to be on the way after an extended rebound off a 2014 price channel floor.
After the latest key weekly close back above former December 2013 2.6p support we would expect a test of the 200 day moving average at 4.33p.
An end of day close back above the 50 day moving average at 2.7p is the buy trigger for cautious traders.
Strategic Minerals (SML)
The shares have retreated from a November bear trap rebound.
The best way forward now is probably to look to buy into any weakness towards the 50 day moving average at 0.385p – if there is any – ahead of an initial 200 day moving average 0.66p target.
The best case scenario is a May price channel top target of 1p plus over the next 1-2 months in the wake of any swift 200 day moving average break.