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Wednesday, September 27, 2017

Alliance Mineral - Broke Out of its Downtrend for the first time since April

Alliance Mineral - This stock  was trader's favourite when it rose from 0.10 to 0.43 in Apr , it went into a tailspin when the debt problem between the CEO and Jonathan Lim surfaced. This debt problem will soon blow over and trader's will soon refocus on the fundamentals of the company. Next month the company is expected to  announce the resource upgrade of Ball Hill which could see the extension of the life of the mine which will warrant an upgrade. China  move  towards faster adoption of Electric Vechicle  targets will increased the demand for lithium dramatically augurs well for the company.
On the charts, the stock has broke out of its downtrend and for the first time moved above the 50 days MA. This is a signal of a short term reversal that could take the stock higher.
A strong support has been estabilised at 0.255, the next resistance is 0.315 and 0.34 respectively.

All posts and charts are for educational and illustration purposes only

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