Nyota Minerals: Golden cross aftermath targets 0.4p

Nyota Minerals (LON:NYO) has been on the technical radar for quite some time, but the question here has been when to pull the bullish trigger…

As far as the fundamentals of Nyota Minerals are concerned, this has been a year of change and hopefully renaissance, ever since the news in early January that the company was offloading the last of its mining assets. Since then we have seen the cancellation of the shares in Australia, and then a 1:400 share price consolidation announced earlier this week.


This is probably just as well given the way that the shares are currently trading at a fraction of a penny, and are certainly in the microcap and penny stock arena. From a technical perspective it can be seen how there has been an extended base on the daily chart since the beginning of 2015, with all of the key positive action here coming after this floor around 0.12p was put in place to start this year.

The main expectation now in the wake of the golden cross buy signal between the 50 day and 200 day moving averages seen at the beginning of March is that we are finally due a sustained turnaround. This would take the form of a weekly close above the two-year resistance of 0.25p, leading to the top of a rising trend channel from the beginning of 2015 which has its resistance line projection pointing as high as 0.4p. The timeframe on such a move is regarded as being as soon as the next 2-3 months.