Grange Resources Ltd. (GRR:ASX) is an Australian magnetite producer that is just beginning what should turn out to be a major bull market, as we can see on its charts below, and it looks like a most worthwhile addition to any Australian resource stocks portfolio. There are a hefty 1.15 billion shares in issue which seems to be almost "par for the course" down under these days, and doesn't seem to stop shares advancing.
What is striking about the three charts below is that they all look uniformly positive and bullish. A most important point to note is that once Grange succeeds in breaking out above the resistance at the upper boundary of the giant Saucer base shown on its long-term chart, its rate of rise could and probably will accelerate significantly. Note that clicking on the charts below will pop-up a larger, clearer version.
Grange Resources website.
Grange Resources Ltd., GRR on ASX, closed at A$0.295 on 8th April 19.
Originally posted on CliveMaund.com at 9.45 am AEST, 7.45 pm EST on 8th and 9th April 2019.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
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Charts provided by the author.
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The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
