Is a Bushveld rebound on the cards?
After a tough year for this mining stock, our chartist thinks a decent recovery may be on the cards.
24th October 2019 10:23
by Alistair Strang from Trends and Targets
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After a tough year for this mining stock, our chartist thinks a decent recovery may be on the cards.
Bushveld Minerals (LSE:BMN)
Our review of Bushveld Minerals (LSE:BMN) a year ago proved pretty accurate, if somewhat painful for shareholders. Thankfully, the current situation is giving slight hope for the future.
For visual reasons, the market has poured a glass floor against the price at the 19p level and the current bounce appears interesting.
A continued recovery above 29p calculates with an initial ambition of 33p. If exceeded, ideally with the share closing above 33p, our secondary comes along at a longer term 39p.
Achieving 39p will be interesting as visually, yet another glass ceiling awaits, one almost certain able to slow down any rise.
Despite being able to calculate beyond the 39p level, we have considerable doubts due to a new all-time high appearing possible. Perhaps the company shall discover a goose involved in the production of golden eggs?
If there's going to be trouble, the price would need dig below 19p as travel down to an initial 13.5p looks painfully possible.
If broken, our secondary calculates at a "bottom" of 1.9p. This "bottom" is simply the level below which we cannot calculate.
For now, we're fairly optimistic for the future as it's looking like an attempt at 33p is on the cards. In technical terms, it's "fingers crossed" time.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang, or interactive investor will be responsible for any losses that may be incurred as a result of following a trading idea.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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