An Asia Pacific-focused junior explorer breaks out of a bull pennant and marks the beginning of the subsequent upleg in its inventory, analyst Clive Maund says.
We purchased Kainantu Assets Ltd. (KRL:TSX) at two good entry factors proven on its newest six-month chart under, and the aim of this replace is to convey to your consideration that yesterday it broke out of the bull pennant that we had earlier recognized on robust quantity.
This could mark the beginning of the subsequent upleg within the inventory that’s prone to be extra substantial than the one initially of the yr, which served greater than something to “get the ball rolling.”
The pennant went on for somewhat longer than anticipated at about 5 weeks, however the outlook didn’t change and stays resolutely bullish.
No motion is required on our half — we keep lengthy and Kainantu is a purchase on minor dips, if any.
Kainantu Assets web site
Kainantu Assets Ltd, KRL.TSX, closed at C$0.21 on fifteenth Feb. 22.
Clive Maund has been president of www.clivemaund.com, a profitable useful resource sector web site, since its inception in 2003. He has 30 years’ expertise in technical evaluation and has labored for banks, commodity brokers and stockbrokers within the Metropolis of London. He holds a Diploma in Technical Evaluation from the UK Society of Technical Analysts.
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