Why we're optimistic about Pan African Resources shares
Up over 350% in the past 12 months, independent analyst Alistair Strang examines his charts for signals that this stock's rally could continue.
19th February 2026 07:44
by Alistair Strang from Trends and Targets
Examine the markets for long enough and you’ll start to develop stupid, probably unfounded dislikes for certain share names. In our own case, we’ve an irrational dislike of share names which reside in the bottom end of the alphabetical listings, anything which starts with N through to Z.
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Of course, this absurdity makes no sense, but when a few emails ask us to examine Pan African Resources (LSE:PAF), our default mode was not entirely positive, instead anticipating trouble before we’ve even run the numbers. However…
Pan African was a component of the UK AIM market and also listed on Jo’burg, South Africa. But from October 2025, the shares moved to the FTSE 250, the share price doubling in the period since, and currently it feels like it’s primed for further happy days ahead.
Obviously, as a gold miner, the company should not be suffering pain from current record prices for gold.
As for the share price, above an attractive 161p looks capable of provoking further growth to an initial 166p with our secondary, if bettered, at 183p and a point at which we anticipate some sort of hesitation. That's essentially a point at which the share price should bounce around a bit while it establishes new trend potentials.
Should things intend to go a bit wrong, below 143p risks triggering reversal to an initial 131p with our secondary, if broken, at 117p and a reasonable chance for the share price to search for future trend possibilities.
For now, we’re fairly 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.
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