Can AIM's Bushveld Minerals break above 50p again?
20th November 2018 09:51
Fresh from a stunning call on US tech stocks, technical analyst Alistair Strang gives us the numbers to watch on this former 1p share and another top tip.
Bushveld Minerals #Gold #Nasdaq
Before we point out how clever we were with #Bushveld, how about the Nasdaq?
It's quite one thing to write on Sunday; "the market (Nasdaq) appearing to be awaiting an excuse for a sharp drop" and find, the next day, it's down by 3.4%. For a major index, this was quite a calamity!
And on Bushveld, we last covered this back in April, speculating positively for a rise to 25p and beyond. Our upper target was attained, both the next month and also in July.
Since then, it has soared to new heights and we didn't notice it was urgently due an update until a few emails arrived.
- Here's why AIM-listed Bushveld Minerals shares can double again
- Is the Nasdaq tech index really about to fall another 10%?
At present, trading around 46.75p, the share price has recently achieved some great things, even managing to close above our Big Picture maximum of 47.75p.
Of course, these theoretical maximums do not for a minute mean a price can go no higher. Instead, they will often designate an area where some volatility can be expected as a price almost appears to experience a drop to gather energy for further rises.
Near term, the share price requires above 50.5p to signal continued growth to 54p. And, if above, we again run out of numbers!
Alternately, and more likely, is the scenario of below 45p bringing a trip to 42.5p. If broken, secondary is at 36.25p and hopefully another bounce upward.
The implication of any weakness below 36.25 risks being pretty grim as, while the visuals can hope for a bounce from 28.5p, we'd be worried about the proximity of the ‘red' uptrend for 2018. Any moves below this level – presently 24p – risk turning Bushveld's rise into a story of crushed hope for the future.
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