Chart analysis: what's in store for Cornish Metals?
6th October 2021 08:37
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Independent analyst Alistair Strang looks at the price potential for this Canadian mining company operating in Cornwall.
Cornish Metals (LSE:CUSN), a company we reported on in July, claims interest in the Lithium field. With the availability of battery powered everything nowadays, Lithium, as a key component currently for rechargeable devices, appears to be a buzz word in the mining industry.
When we analysed the shares in July, we’d lots of hope, none of which came to fruition.
In the period since, the highest the share has achieved was 15.5p which, given our trigger of 15.2p, was utterly rubbish. About the only saving grace has been the period since.
The share eventually triggered our drop level of 13p which had calculated with a drop potential of 9.75p. Instead, the share price opted to bounce just above 10p, perhaps implying some strength is evident?
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Presently trading around 13p, the price needs above 14.25p and we shall regard it as growing, potentially toward an initial 15.7p.
Our secondary, if bettered, works out at 17.3p with a visual implication, should this level be bettered, for really happy times ahead for the share price. In such a scenario, we will revisit our calculations.
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.
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