Proactive Investors - Run By Investors For Investors

Alba Mineral Resources 'on course to re-test 2016 highs’

Chartist Zak Mir reckons the stock could almost double its price IF it can break the 0.35p resistance
Horse Hill oil and gas project in Gatwick
It's thought that Horse Hill - near Gatwick - could be host to billions of barrels of oil

Alba Mineral Resources (LON:ALBA) has the potential to double its current price, with all the technicals suggesting that the junior explorer is set to re-visit this year’s previous highs.

Chartist Zak Mir told Proactive that the stock could reach the 0.5p/ 0.6p mark it hit earlier in the year after a decent recovery in recent weeks.

“We’ve had quite a nice recovery from the end of June through the summer,” Mir said.

“This looks like it’s back on to re-test the highs of the year, [around] 0.5p to 0.6p.”

He did add that the share would need to break through the 0.35p resistance which it has so far failed to do on three occasions.

“We need to get through this 0.35p resistance, but if it gets through that over the next couple of weeks it could look quite good.”

Mir did add another word of caution in his assessment of Alba though, claiming that the Horse Hill project – A.K.A the ‘Gatwick Gusher’ – is not a “quick buck situation whether it has the billion [barrels of oil] or not”.

View full ALBA profile View Profile

Alba Mineral Resources Timeline

Related Articles

worker on a hill
April 18 2018
The turnaround plan at the Drakelands mine is beginning to take effect
Picture of timetable for Wolfsberg project
March 12 2018
Chairman Tony Sage says the key number in the prefeasibility study will be the net present value.
Picture of high-grade manganese sample
April 12 2018
Mineral Resources' proposed takeover of Atlas Iron indicates that the market for manganese assets is on the rise.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use