Kainantu Resources Ltd. (KRL:TSX.V; 6J0:FSE) continues to shape up nicely as it gets closer and closer to making serious gains, and we should keep in mind that this is a stock with the potential to “do a K92,” which is hardly surprising as its properties are adjacent to K92’s big discovery and it has a robust treasury, having recently completed an oversubscribed financing and is working on a drilling program.
We have looked at Kainantu several times since the start of the year, buying it very near to its lows or at opportune times on dips and this update is simply a reminder that it continues to look good and is a buy here again after the latest dip, for reasons that should be obvious when you look at its latest 1-year chart below. As we can see it is well placed to break out the top of a large fine Bowl pattern and it should be assisted in this by the rising trend in metals prices.
So we stay long and new purchases are in order.
Kainantu Resources website
Kainantu Resources Ltd, KRL.V, closed at C$0.22 on 4th March 2022.
Originally posted on CliveMaund.com at 6.20 am EST on 7th March 2022.
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.
