How low can resource stocks go?

NOBLE GROUP (37 cents) – Selling subsides

- Prices are at all-time lows

- Stock is at extreme oversold level

- Trend remains downwards but the time for rebound is high

- 30.5 cents is likely to be established as support

ALLIANCE MINERAL ASSETS (35.5 cents) – Buying dries up

- Quarterly momentum is now testing a support level

- Buying demand has evaporated

- Immediate support is at the rising 50 day moving average at 30 cents

- When breached the next support is at 22 cents

- Resistance is now at 38 cents

CNMC GOLDMINE HOLDINGS (26 cents) – Downtrend in force

- A downtrend is underway

- Downside likely to be at 21 cents

- Recovery will take months as prices need to form a base first

- At present downtrend looks set to persist

GOLDEN ENERGY AND RESOURCES (42.5 cents) – Drifting lower

- Chart pattern is weak

- There are signs that prices could start moving into a sideways range

- Immediate support is at 40 cents

- Resistance has been established at 45 cents

GEO ENERGY RESOURCES (25 cents) – Forming top reversal pattern

- 200 day moving average is providing support for the consolidation phase

- Chart pattern is starting to look like a head and shoulder top formation

- Support stays at 23 cents

- Immediate resistance is at 28 cents

WILMAR INTERNATIONAL ($3.54) – Under selling pressure

- Prices are under some selling pressure

- Support is at $3.50

- A break below $3.50 would indicate a downside objective

- Resistance has been established at $3.67

(Source:  TheEdgeSingapore June 5 2017)