Technical Analysis for HZM

Thursday, 21st June 2018 09:17 - by Rajan Dhall

The Horizonte Minerals weekly chart confirms the uptrend is still in tact. We have dipped off slightly since we made the lower high which formed in April but the momentum of the move lower seems to be declining. This week so far it seems we have rejected a move lower and it remains to be seen if the RNS today will give us any reason to attack higher level but the first place I would look for any resistance is the 4.68p area. Moving beyond this the 5.22p looks to be a formidable resistance and the triangle breakout would be a confirmation of a bullish move to test that level or even higher. In terms of where my risk limits would lie the 3.80p area would be a risky but conservative place to keep a stop loss but for all the longer term investors out there maybe 3p is more sensible do take out any risk of shorter term volatility. I am not recommending any trades here but I feel that unless the 3.54p area is taken out this chart is still giving me bullish signals and any move past 5p could indicate some further upside potential. 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.