LSE:HZM
HORIZONTE MINERALS ORD GBP0.2
Fundamentals of HZM seem strong, with the BFS on their flagship asset due in the coming weeks. That being said, a persistent seller has been present over the past several months, resulting in the share price drifting lower.
Recent cross of the 50 and 200 MA is usually a bearish sign, and the price has now dropped below the 61.8% fib retrace level. Recent support levels line up roughly with previous resistance levels, so potential around the 3.5-3.6 levels for a bounce over the coming weeks, particularly given the RSI approaching 30.
Ultimately I think the BFS will move the share price upwards quite dramatically as the project begins to look like a reality, especially if funding plans are already progressing; in the meantime, worth keeping an eye on for a slightly lower buy price. Nickel is also looking bullish for the coming years, giving the potential for HZMs projects to coincide perfectly with strong prices.
Recent cross of the 50 and 200 MA is usually a bearish sign, and the price has now dropped below the 61.8% fib retrace level. Recent support levels line up roughly with previous resistance levels, so potential around the 3.5-3.6 levels for a bounce over the coming weeks, particularly given the RSI approaching 30.
Ultimately I think the BFS will move the share price upwards quite dramatically as the project begins to look like a reality, especially if funding plans are already progressing; in the meantime, worth keeping an eye on for a slightly lower buy price. Nickel is also looking bullish for the coming years, giving the potential for HZMs projects to coincide perfectly with strong prices.