The King of Charts, in a TIP TV segment for Proactive, reckons the stock has the potential to hit 42p, a claim which he says is backed up by the technical analysis.
“The 200 day moving average, at 21 pence and rising, is presumably providing some positive momentum for the stock.”
He adds that the technical target of 42p is valid while shares remain above 25p.
The recent results from Churchill reveal it is continuing with a claim worth US$1.35bn against the Republic of Indonesia with regard to the East Kutai Coal Project.
The company ended the financial year to June 30 with US$1.47mln, having started the period with US$2.05mln.
Northland Capital rates the stock a ‘speculative buy’.