Zak Mir takes a charting look at ACG Metals, as it continues its stellar re-rate, and Prospex, where potential recovery is in the air.
I take a quick, chart-focused look at ACG Metals and Prospex Energy. Both have been interesting technically — one continuing a stellar re-rate, the other showing signs of a possible turnaround. Below I summarise the key levels, indicators and what I’m watching next.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Quick summary
- ACG Metals: Strong uptrend continues; recently pushed through the top of a channel around 1050 and looks set to target the upper parallel from May.
- Prospex Energy: After a rough period the shares are attempting a recovery: old July support under 4p looks important, RSI has moved above 50, and the 50-day is starting to rise.
ACG Metals — the re-rate continues
ACG Metals has been powering higher — not a surprise given the supportive backdrop for gold and base metals. The stock hit the top of the rising channel at around 1050 , pushing a little above that level and signalling strength.
Here are the technical points I’m focused on:
- Price action recently cleared the channel top near 1050 , which is a bullish sign.
- The next structural target is the upper parallel of the May rising trend channel — I noted a projection of as high as £14 by the end of next month if momentum holds.
- Important support to hold is the old broken September resistance at roughly 950 . Staying above that level keeps the bullish case intact.
- RSI behaviour is notable: the shares haven’t dropped back below the neutral 50 level since the end of April. That prolonged RSI 50+ regime underlines how strong the run has been.
- The last time price touched the 50-day moving average was back at the end of May — a sign that pullbacks have been shallow.
Prospex Energy — a recovery shaping up?
Prospex has been through a torrid patch, but the charts are starting to show some encouraging signs. Although sentiment has been battered, the technicals suggest a possible turnaround if a few key conditions persist.
Key technical observations:
- There’s an important support area from July just under 4p . Holding this level is the first hurdle for any sustained recovery.
- The RSI has pushed through the neutral 50 level and has been able to stay above it for a period, which is a positive momentum signal.
- The 50-day moving average has started to rise. When the short-to-medium term moving average turns up it often precedes further upside.
- On the downside, the 200-day moving average sits in the region of 6p , which will act as a key resistance zone on the way up.
- If bullish momentum continues and support around 4p holds, the top of the triangle pattern could see price test as high as 6p by the end of next month.
What the indicators are telling us
Two indicators featured heavily in the analysis:
- Relative Strength Index (RSI) — Holding above 50 for extended periods is a hallmark of a strong trend. ACG’s sustained 50+ RSI since April is especially telling; Prospex moving above 50 and staying there is an early sign of recovery.
- Moving averages — The 50-day MA gives a view of medium-term trend. A rising 50-day, as seen beginning to happen in Prospex, supports further gains. The 200-day MA remains a longer-term resistance/inflection area to watch.
Levels to watch
- ACG Metals: support 950; short-term target = upper parallel of the May channel (recent commentary suggested as high as £14).
- Prospex Energy: critical support just under 4p; medium-term resistance/target in the 5.6–6p area (200-day / triangle top).
Bottom line
ACG Metals remains in a strong uptrend and looks set to keep running while it holds above recent support and the RSI stays comfortably over 50. Prospex is showing the early technical signs of a turnaround — a sustained hold above ~4p, a rising 50-day MA and continued RSI strength would put the next resistance band (around 5.6–6p) in play.
If you’re trading these names, watch the support levels and the behaviour of RSI and the 50-day MA. Those indicators will tell you whether the trend has genuine follow-through or is at risk of stalling.
Stay tuned
I’ll be back soon with another update — keeping the focus on clear, level-based chart analysis so you can see where the momentum is really coming from.
Disclaimer: The information presented in this article represents the views and analysis of the author and is provided for informational purposes only. It should not be interpreted as financial, investment, or legal advice. Investors should conduct their own due diligence and consult a qualified adviser before making investment decisions. Investing in AIM-listed companies involves risk, and past performance is not indicative of future results.
