It would appear that for fans of Jubilee Platinum (LON:JLP) patience has been a virtue. But alas, this is something which small cap investors generally do not possess in abundance.
I have to admit to suffering a similar malaise as many a small cap punter with reference to Jubilee Platinum. This is because it simply fell off my radar due to a lack of bullish price action. But it was not so much that the shares went down; it is that they bumped along the bottom of their range at a painfully slow pace.
The point is underlined by the fact that for the bulk of last year the stock was trapped within a range between 3p-4p. But now, in the wake of the award of the mining right for the flagship Tjate platinum project, we have been treated to fireworks in terms of the stock price, with the expectation there will at least be a move towards the top of a rising trend channel, in place since as long ago as early 2015.
Indeed, by rights one would probably be happy enough to call such a target. Nevertheless, it could very well be the case that a weekly close above the 2015 resistance line at 8p over the next month or so is enough to propel the shares as high as the top of the four-year range at 14p, which would no doubt be much appreciated after so long in the wilderness.
At this stage only back below the initial 4.4p resistance for 2017 on a weekly close basis would even begin to question the prospect of 14p as an eventual target for this year.