It has certainly been the case as far as Amur Minerals is concerned that the shares’ performance over much of the past year has many put others in its sector to shame. This is especially so given the progress which was seen from September to January, a period which saw the share price more than triple.
While the period since then has understandably witnessed consolidation of the big move to the upside, it is evident that the stock is still very much in bull mode. This is said on the basis of the way that support has come in well above the 200 day moving average currently 6.14p, well above the post November period and in the wake of a February bear trap rebound from just below the December 7 p floor. It should also be noted that the gap through the 50 day moving average in November then towards 5p remains unfilled and acts as a bullish beacon to the price action.
Indeed, the view now is that as little as an end of day close back above 50 day moving average at 8.97p should kickstart a new and significant like to the upside. The favoured destination on a 2 to 3 months timeframe is as high as the top of a rising trend channel from September at 14p plus. At this stage only sustained price action back below 7p would even begin to delay the upside scenario.
