Alba Mineral Resources: Broadening triangle towards 0.65p

1 mins. to read
Alba Mineral Resources: Broadening triangle towards 0.65p

It may be the case that after the Horse Hill mania of the past few years, Alba Mineral Resources (LON:ALBA) is finally in sharp focus as a decent small cap prospect.

What is interesting from a charting perspective is the last time there was a blip for the bulls, which was associated with the September cash raise of £900,000. Since then we have slowly had a more realistic appraisal of the company in terms of its “Gatwick Gusher” asset, even though we are dialling down from the “one billion barrels” number which was famously (allegedly) put about.

There has been a broadening triangle in place on the daily chart from the time of the lows of the year, made in early August. The resistance line projection of the formation is heading as high as the 0.65p zone, which would retest the former initial 2016 peak.

As for the time frame on such a move, a decent weekly close on Friday above October resistance at 0.4p could be enough to deliver the technical destination as soon as the end of next month. Only back below the 200 day moving average at 0.279p currently suggests there is something seriously awry with the recovery argument for Alba.


Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *