Here's why Eurasia Mining's shares look interesting

There's no indication of a return to the glory days, but our chartist believes there is some potential.

Eurasia Mining (LSE:EUA) 

This open cast miner, operating in the Urals, has been making some interesting share price movements recently.

While there's absolutely nothing indicating a return to the glory days, some fairly interesting potentials show for the near to mid-term future.

Visually, it appears the 2p level shall prove fairly key to indicate any level of realistic recovery.
 
At present, the share price is regarded as heading to 1.52p.

In the event of it trading above such a level, continued growth to 1.94p calculates as very possible.

On the chart, we've painted a purple line which dates back to 2008. The share price has made repeated attempts at the 2p level and now, only with closure at (or above) 1.94p shall we dare express confidence in the direction of 2.5p.

There's something quite off about the 2.5p mark. Unusually, we can calculate the potential of a third level target up at 3.5p. Just a glance at historical movements highlights a further glass ceiling awaits at the 3.5p mark.

We sometimes speculate these points of hesitation are caused, simply due to a share price meeting a level it used to trade at and a bunch of folk dumping their holding, just to get some money back, the dreaded "bail at break even" crowd.
 
If it's all going to go wrong, the price requires to weaken below 0.8p to justify a panic. Such a trigger could easily witness a return down to 0.3p.
 
For now, we're a little optimistic.

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.