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Churchill Mining has support and could kick on to 42p

Our chart guru gives his assessment of Churchill, one of the most talked about stocks on the bulletin boards.
Churchill Mining has support and could kick on to 42p
The company is in litigation over a coal project in Indonesia.

Churchill Mining PLC (LON:CHL), the Indonesia-focused coal stock, has technical support to add another 50% onto its current share price, according to chartist Zak Mir.

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’.

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