Georgian Mining: Trend channel target towards 30p

1 mins. to read
Georgian Mining: Trend channel target towards 30p

It looks as though the big turnaround for Georgian Mining (LON:GEO) is finally on its way, a process which arguably started as long as ago as January.

As you might expect with a mining minnow, the big breakthrough here at Georgian Mining came with the announcement of the maiden Copper resource at the end of January. From my perspective at least, waiting for the first resource to come out of the ground makes buying into resources companies a rather less risky process than it is traditionally seen as being. One might ask, somewhat facetiously, whether most of us simply do not wait for this part of the investment cycle to arrive before parting with our hard earned cash.

Stepping back to Georgian Mining, the January news has now just been backed up by a significant upgrade to the Kvemo Bolnisi Project, an event which, it should be hoped, will give sustained momentum to the Georgian Mining share price.

Indeed, recent days have seen a solid clearance of the 200 day moving average, now at 11p, with a price gap to the upside earlier this week underlining this. The hope now would be that while there is no end of day close back below 11p we could see progress over the next 3-4 months as high as 27p – the top of last year’s wide rising trend channel.

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