Libero Copper and Gold Corp. (LBC:TSX.V:, LBCMF:OTCQB) is looking attractive here. The fundamentals for the company are believed to be positive, and it announced a sizeable gold discovery early this month at Big Red, which caused the price to spike up briefly on huge volume, a move which on its 6-month chart appears to be a premature attempt to break out of what is suspected to be a bull Flag. The overall tenor of this chart is positive, with the price trending higher and moving averages in bullish alignment. The duration of the Flag thus far has allowed time for the earlier overbought condition resulting from the breakout to largely unwind as shown by the MACD indicator and a bullish development in recent days is that the MACD has broken clear above its moving average. It looks about ready to start another upleg, although we may first see a minor dip towards the support at the C$0.14 level.
On the long-term 10-year chart we can see that this stock has a lot of potential from the current low price. It appears to be completing a rather rare "Buttocks Reversal" whose visual appeal is sadly reduced somewhat by the right one being narrower than the left one. Notwithstanding this imperfection, the volume pattern is suggesting that the price is about ready to break out upside, and a break above the resistance at the top of the pattern at approximately $0.20 – C$0.24 should mark the start of a major new bull market in the stock, which will of course be against the background of the unfolding bull market in gold. The Buttocks Reversal is actually the result of a failed breakout from a Cup & Handle base, after which the price slumps back into the base pattern to do more work marking out another Cup & Handle base, and there is considerably less chance of the breakout from the 2nd Cup & Handle base failing than the 1st, giving further grounds for optimism.
Libero Copper & Gold therefore looks like an immediate buy here. Libero trades in reasonable volumes on the US OTC market, where limit orders should always be employed, and of its 56 million shares in issue, only about 15 million are in the float.
Libero Copper & Gold website.
Libero Copper & Gold Corp, LBC.V, LBCMF on OTC, trading at C$0.165, $0.135 at 11.00 am EDT on 18th September 2019.
Originally posted at on Clive Maund.com at 12.15 pm EDT on 18th September 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.
