Small Caps Charting: #AST #GGP #NCCL #RBD #UKOG

Ascent Resources:

The current overall scenario here with Ascent Resources is that we are looking for a near term push higher towards the top of a rising trend channel at 3p – a channel which can be drawn in from as long ago as the summer of 2016. The good news in the near term is the way that post August support under 1.7p seems to be met with decent buying interest intraday. As previously suggested, those cautious of the stock can wait on an end of day close back above the 10 day moving average at 2.16p before pressing the buy button.

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Greatland Gold:

Here we have a close up look at the trajectory of Greatland Gold, with the price channel contained by 1.5p at the support line and an implied 3.5p near term target. The big target here was suggested as being as high as 4p earlier this week. At the same time, given how hot this situation is, one would be looking out for possible setbacks to flush out the weak hands. Therefore the risk of a temporary dive towards 1p – 1.25p cannot be ruled out. This would be the buying zone for those who have so far missed out on the party here.

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Ncondezi Energy:

Clearly, the highlight of the price action for Ncondezi has been and remains the horrific slide in the stock in H1 2017. Indeed, this decline was so painful it would be quite understandable if some traders vowed not to look at this stock again. However, it can be seen how the flushout from earlier this week did do the job in terms of ironing out a base from which the stock has emerged relatively strongly. This is said on the basis that the shares have easily cleared the 200 day moving average now at 4.5p. At least while there is no weekly close back below this feature one could afford the luxury of assuming significant new upside here. How high this could stretch is suggested by the top of a rising trend channel’s resistance line pointing as high as 13p. The timeframe on such a move is seen as being the next 2-3 months.

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Reabold Resources:

There is obviously not much in the way of charting furniture to go by here on the daily timeframe of Reabold Resources. But what there is appears relatively solid. This is because since the beginning of last month we have seen progress within a rising trend channel from below the 50 day and 200 day moving averages under 0.70p. The message now is that at least while there is no end of day close back below the 50 day line now at 0.67p, one would be looking to a 1.3p target over the next 1-2 months at the top of the rising September price channel.

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UK Oil & Gas:

UKOG obviously put a smile on many a traders face earlier this year, with the 10 bagger move ending at the beginning of September. We are now in something of a hangover stage. This point is underlined by the way the stock is fighting an island top reversal, after the gap higher in August and the gap down earlier this month. The risk now is that even if the best levels of 2017 are recovered by the end of this year towards 10p, we will have to see a drill down to at least the 200 day moving average at 3.36p and even towards the main 2-3p support zone from early July. Those who wish to give the benefit of the doubt to UKOG can wait on the 4p neckline support from July to snap before giving up the ghost here.

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Spire Healthcare: Continued Recovery From Ultra Oversold State

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Spire Healthcare really has been one of the stocks from hell so far this year, perhaps joining in with the likes of Merlin Entertainment and Provident Financial in terms of being a situation where even though the stock is at bargain basement levels, it still does not look comfortable for the bulls. At least with Spire, as far as one knows Neil Woodford is not involved. But you never know.

Looking at the daily chart configuration it can be seen how there has been a rebound from an ultra low RSI level at 13/100 when the stock was in the 230p’s in September. For October we saw bullish divergence with the share price still going down towards 220p, but the RSI trace slowly rising.

The technical indication now is that provided there is no break back below initial October resistance at 234p one would be looking for a minimum move to the 50 day moving average at 276p over the next couple of weeks.

Above the 50 day line would hint that perhaps the old M&A speculation regarding this company, Mediclinic and HCA could be back on track, if only because the recent black swan events here clobbering the stock price, and making would be predators reconsider their position.

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Disclaimer

Zakmir.com is a purely journalistic website – Zak Mir is a member of the NUJ. There is no intention here of providing financial advice and absolutely no interest in speculating in the companies mentioned. It is  recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

Small Caps Charting #AST #GGP #VAST

Ascent Resources:

Due to incredible public demand – someone DM’d me on Twitter, I am engaging in a spot of technical analysis on a trio of small caps du jour. This is despite the overload of coverage from an increasing number of experts in this area over recent weeks and months.

Looking at Ascent on its daily timeframe it can be seen how there has been an extended rising trend channel which can be drawn in from as long ago as August last year to which the stock has been surprisingly loyal. The floor of the channel currently runs at 1.7p, with the implication being that provided there is no weekly close back below this number we should see the shares head to at least 3p over the next 2-3 months. A break of the 10 day moving average now at 2,17p would be the technical trigger for short term traders on the upside.

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Greatland Gold:

Although it would appear that everyone and their dog is currently claiming victory over the success of Greatland Gold, the talents of the CEO and the multiple projects the company has always made it highly likely that the stock price feeding frenzy we are seeing at the moment could occur. The only charting value to add here while we see over enthusiastic traders attempt to buy at the top is to note that the eventual near term target here once the dust settles could be as high as 4p. This is derived from a resistance line projection which can be drawn in from as long ago as Q1 2016. It may be worth noting that any retracement here could be as deep as 1p – 1.25p before the big target is reached.

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Vast Resources:

Rather like Greatland Gold, Vast Resources is another situation which was a “most likely to succeed” and is now coming up trumps. The August cross of the 50 day moving average below a rising 200 day moving average (what I call a Zak Cross) was a very strong leading buy signal – explaining the sharp bounce off the floor of last year’s rising trend channel. While above the 200 day line at 0.4p one would expect the stock to hit the 2016 resistance line projection at 1p.

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Zakmir.com is a purely journalistic website – Zak Mir is a member of the NUJ. There is no intention here of providing financial advice and absolutely no interest in speculating in the companies mentioned. It is  recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.