Technical Analysis: CNMC Goldmine Limited November 3, 2016 25

CNMC Goldmine Ltd – Daily timeframe (Update from 21 Sept 16)


Current Sentiment: Bullish

Support 1: 0.505                   Resistance 1: 0.580

Support 2: 0.460                   Resistance 2: 0.610

Price went further into a correction instead after the last update but the uptrend remains sturdy.

The confluence of 60 day moving average and 0.505 support area held price up relentlessly during the correction phase and buyers eventually took back control. There was a high volume bullish break above the 0.535 range high and pullback line on 02/11/16 suggesting the resumption of the uptrend next.

Expect price to rise next to test the 0.580 resistance area followed by 0.610.

Note: Our current fundamental view on CNMC Goldmine is a Buy rating with a fair value of $1.03.

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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