Medium-term technical buy signal imminent
The share price of Australian copper and gold explorer Tennant Minerals (ASX: TMS; FRA: UH7A) went into a downward spiral after its high in July and lost a good 40% of its value within four months until the November low. A strong upward impulse began in mid-November, which – accompanied by a significant increase in turnover – quickly overcame the two average lines and the blue downward trend line and has been running above the purple upward trend line for four weeks.
The 200-day line has been moving sideways for around two weeks – in contrast, the 100-day line has already started to move upwards and is about to generate a medium-term technical buy signal by crossing the 200-day line.
The four indicators presented show a positive picture. The MACD indicator already generated a buy signal at the beginning of November when the blue line crossed through the red line. The same applies to the stochastic indicator, which then consolidated in the second half of November and switched back to “buy” a few days ago. The trend confirmer has massively overcome the neutral 100 and is currently lingering in the area of its previous top. Particularly noteworthy is the Chaikin Money Flow, which is back in the green zone for a somewhat longer period of time for the first time since June, indicating an inflow of capital into the share.
New, geophysical targets could triple extent of Bluebird
The Company’s second objective with the current drill program is to test promising targets identified through modelling of new geophysical data in the Bluebird East and Bluebird West targets. This is because, according to Tennant, these could be “repeats” of the high-grade Bluebird mineralization, which means, according to the company, there is the potential to triple its extent!
Previous, strongly copper anomalous surface RAB drilling at Bluebird East is centred 500 meters east of the currently identified footprint of the Bluebird discovery. The Bluebird East target is associated with a recently modelled IP/low resistivity anomaly and a thick and continuous gravity “ironstone” anomaly. A similar low resistivity/high gravity IP anomaly is located at Bluebird West, 500 meters west of Bluebird. However, no drilling has been done there yet.
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