Alliance Mineral - This stock was trader's favourite when it rose from 0.10 to 0.43 in Apr , it went into a tailspin when the debt problem between the CEO and Jonathan Lim surfaced. This debt problem will soon blow over and trader's will soon refocus on the fundamentals of the company. Next month the company is expected to announce the resource upgrade of Ball Hill which could see the extension of the life of the mine which will warrant an upgrade. China move towards faster adoption of Electric Vechicle targets will increased the demand for lithium dramatically augurs well for the company.
On the charts, the stock has broke out of its downtrend and for the first time moved above the 50 days MA. This is a signal of a short term reversal that could take the stock higher.
A strong support has been estabilised at 0.255, the next resistance is 0.315 and 0.34 respectively.
All posts and charts are for educational and illustration purposes only
Post a Comment
Note: Only a member of this blog may post a comment.