Traders Cafe with Zak Mir: Bulletin Board Heroes, Monday 8th November 2021 via Vox Markets

Canadian Overseas Petroleum (COPL): Trendline Break

Given the overhang post the suspension, and the general reticence of the stock market to re-rate stocks in a dramatic way, unless totally avoidable, it has been quite a challenge to call the turn in COPL. However, with traders speculating on forthcoming production numbers, and likely capitulation below 30p, it could very well be that at last the “oil tanker” is turning. The break of the August resistance line at 30p today, and a second day of the shares opening at the low and closing at the high – very strong daily candles, does imply that not only are the lows in place, but there should be a retest of September’s 39.25p peak during the month of November.

Cellular Goods (CBX): Moving Average Support

Having perhaps taken bulls of the stock left high and dry in the wake of the IPO down towards a nasty capitulation level near 5p in September, it has been a recovery in fits and starts for Cellular Goods. From a technical perspective, the pullback for the shares from last month’s peak was a positive one in the sense that support came in continuously above the 50 day moving average now at 6.5p. Above this feature on an end of day close basis, the top of a June broadening triangle at 10.5p should be achievable by the end of December.

Feedback (FDBK): Building On Trendline Break

Shares of Feedback were already on the mend before today’s massive surge, a point witnessed by the gap through the April resistance line at 0.75p last month. What will be key now is whether we shall be treated to a decent weekly close above the 200 day moving average at 0.97p, something which could take the shares towards the top of a rising trend channel from January at 1.8p, as soon as the end of 2021.

Ironveld (IRON): Support At Previous Resistance

It is the nature of the small caps market these days that even when the share price is apparently underwritten, there are still retracements of 30%-50% and this is what we have been witnessing at Ironveld. The support test though, has come in at former May – June resistance in the 0.80p – 0.90p zone, and while there is now no end of day close below 0.9p one would expect a retest of last month’s peak at 1.37p well before the end of this month.

Online Blockchain (OBC):

Ticking the boxes of all that is on the tech zeitgeist is sometimes not entirely enough to get a share price on an upward trajectory, although it may be that Online Blockchain has finally managed to gain technical momentum, a point witnessed by November support at and above the 200 day moving average at 48p, and former post July resistance. Above this level one would be looking to the stock heading towards the top of a broadening June triangle at 90p on a 2-3 months timeframe.

Touchstone Exploration (TXP): Potential 190p Price Channel Target

Shares of Touchstone have delivered an almost perfect turnaround, both on the basis of the fundamental news and the technical turnaround. Rather helpfully the shares managed to break a May resistance line and the 50 day moving average in early September, and only traded a couple of pence lower ahead of the subsequent surge towards 150p that we are enjoying. Now in a rising August trend channel heading for 190p, we could see this target hit by the end of January – particularly while the floor of the channel at 130p is held on an end of day close basis.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.


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