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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”.

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