Bacanora Minerals - Technical Analysis

I am not FCA authorised and therefore this shouldn't be viewed as investment advice, etc. While I don't currently own shares in Bacanora Minerals I feel that I should disclose that one of my brothers does.

• The movement through the resistance at 60p was a strong bullish sign for Bacanora Minerals (BCN), which provided it with the momentum to intra-daily high at 73.75p hit today (19/02/2015).
• An Uncrossing Trade (UT) above the 70p resistance line that extends from September would be a very positive sign of more movement to the upside in the near term, but I wouldn't be disheartened if this doesn't happen as large moves to the upside cause an influx of day traders selling who tend to drag down UTs at the end of the day.
• Resistance levels after this would be at around the 77.50p and 86.50p levels, meaning that there's the potential for strong upside gains of over 10% to be made on possible trades.
• My quantitative trading system (a system still in development) has given BCN the following signals:

Buy - 20.054270433349359971014492754 - 5 day SMA crossed 144 day SMA

Buy - 21.931169773725184202898550725 - 5 day SMA crossed 233 day SMA

Buy - 14.979424784496361507246376812 - 8 day SMA crossed 34 day SMA

Buy - 14.132563237562250376811594203 - 13 day SMA crossed 21 day SMA

Buy - 18.535461788286888057971014493 - 13 day SMA crossed 89 day SMA

Buy - 18.838072724771063420289855073 - 21 day SMA crossed 89 day SMA

Sell - 1.3329876346230554447546868768 - Stochastic suggests over-bought 0.9541284403669724770642201835

• Overall, this is very positive for the medium to short term, but the stochastic signals are giving a warning against jumping in the deep end too quickly.

Enjoy,

The Masked Stock Trader