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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:
Gulf Keystone (GKP)
An extended base below 80p remains in place.
The risk of a June support retest towards low 70ps remains even if recovery due after that.
A momentum buy trigger, such as an end of day close above the 10 day moving average, is the preferred entry point despite recent support from early 2014 chart features.
Range Resources (RRL)
The sharp pullback from a July bull trap through 2.5p looks to be complete
It is a positive sign that support has so far been found above the 200 day moving average at 1.28p.
Above the 200 day line suggests a new bull phase is on tap to at least retest the 2014 resistance zone at 2p plus over the next 1-2 months.
Rare Earth Minerals (REM)
We are witnessing a likely consolidation phase after a narrow bull trap through 2p in July.
The latest price action should mean support comes in towards a May price channel floor at 1.5p.
The upside is seen as being as high as 2p over the next 1-2 months, especially while the 50 day moving average at 1.25p is held.
CLICK THE IMAGE BELOW TO GET ZAK’S TOP 5 CURRENCY PICKS FOR 2H 2014