Of course all charting/ technical analysis is hogwash but now and again I humour my old pal Zak Mir by bringing you a snippet of his work. On EMED my target price is 38p but Zak seems to think the shares should race ahead to 20p. That would be a start. Here is his share tip – not from t1ps.com natch.
As can be seen from the daily chart of EMED Mining over the past couple of years, we have been treated very rough ride terms of the noisy price action. But the most painful part of the journey could be described as that seen this time last year when the stock jumped from below 8p up to 16p and then back again. It could be argued that for Bulls of the stock to have survived that kind of experience, really would underline their loyalty / blind faith as far as the company is concerned. At least on the back of the early 2012 white knuckle ride it is evident how since May last year despite all the volatility, a rising trendline has been put in place by the shares one that currently runs level with the key 200 day moving average at 10p.
Indeed, the most obvious thing to do is to draw a parallel trendline to this multi-tested 2011′s support line in order to discover what the likely upside here could be – a likely 2 to 3 month price target at 20p for the stock. Indeed, it may be achieved even sooner than this suggested timeframe as yesterday’s 13p low at former post-July resistance remains in place as the fresh support for the stock.
on TradingResearchPoint | Comments