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By Zak Mir | Tuesday 22 December 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares in Anglo Asian Mining (AAZ), Fastnet Equity (FAST) and Premaitha Health (NIPT) setting share price targets for all three stocks.
Anglo Asian Mining (AAZ): Signs Of Basing
Clearly given the four years plus meltdown in the mining sector one is obviously going to be somewhat reticent about recommending any stock in this particular asset class . However in the case of Anglo Asian Mining it can be seen how there has been extended consolidation for the shares over the course of much of this year to date. What is interesting about the latest consolidation around the 4p level is that one can draw an uptrend line from February both in the price window and the RSI oscillator window.
This goes to suggest that at least while there is no end of day close back below the December 4p support, we should be looking for a top of converging September 2014 triangle target as high as 7p. Such a scenario could be on the cards as soon as the next 1 to 2 months, although cautious traders may wish to wait on the end of the close back above the 50 day moving average at 5.14p before pressing the buy button. Indeed, waiting a little longer might allow the stock to underline its bullish momentum credentials just one more time.
Fastnet Equity (FAST): Extended Floor
It has certainly been quite a journey in terms of the share price of fast net equity over the past couple of years, with most of this until recently not entirely pleasant for fans of the shares. However, it can be seen that for the past year the stock has been delivering an extended base towards the 2p zone, something which perhaps is largely due to the reorganisation of the business model of the company.
The latest price action largely above both the 50 day and 200 day moving average is encouraging in terms of suggesting that finally the stock has put in a decent floor. Indeed, the view at the moment is that provided there is no end of day close below the 50 day moving average at 2.18p, we should at least see a retest of post June resistance of 3p over the next 1 to 2 months. In the meantime any dips towards the 50 day line are regarded as a buying opportunity, especially if combined with consistent RSI traces above the neutral 50 level versus 73.8 5/100 at the moment.
Premaitha Health (NIPT): Bear Trap Aftermath
Shares of Premaitha Health have a rather complex chart for 2014 to 2015, with the ragged price action at last spring particularly noteworthy. On the face of it the price action leading up to the summer of last year was a major volatile topping out process, and that idea has been backed up by the loss of the 200 day moving average then towards 22p in July, and the latest failure in December at this feature currently running at 21.29p.
On this basis one would be waiting for a weekly close above the 200 day moving average as the big queue on an end of day close basis before going long. Otherwise, bottom fishers would be looking towards any near term dip for the shares towards a relatively obscure summer 2014 trend line running towards 17p as likely support, with a stop loss well below the 15p level.. Indeed, it can be said that only sustained price action below this zone would really undermine the possibility of an early 2016 reversal to allow the stock to head back towards the main resistance zone of 2015 for Q1 2016 through 30p, especially in the wake of the September / October bear trap rebound from below March support.
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