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Rare Earth Minerals shares to ‘re-test highs 2016 highs’

Technical analyst Zak Mir reckons the Rare Earth Minerals plc (LON:REM) share price is in “recovery mode and is on course to re-test the highs of last summer.

“The start of 2017 has seen the share price break back above both the 50-day and 200-day moving averages,” Mir explains in the latest Proactive Investors Bulletin Board segment.

“If we can maintain this momentum, initial resistance would [come at] the September support at 0.7p, and then after that up to the highs of last year through 0.9p.”

“At this stage, only really back below 0.5p would flag a possible break to the downside but at the moment it looks like we’re in recovery mode for Rare Earth Minerals,” Mir adds.

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