We have a very positive setup now in Kainantu Resources Ltd. (KRL:TSX.V; 6J0:FSE), especially for new buyers.
We can see on its charts below that it got badly beaten up by the severe sector decline of the past couple of months, but with the sector now deeply oversold, we see that the stock has been under persistent strong accumulation for several weeks and it looks to be very close to breaking out of fine "head-and-shoulders" bottom that has been accompanied by an exceptionally positive volume pattern.
Kainantu Resources is therefore rated an Immediate Strong Speculative Buy.
Kainantu Resources website
Kainantu Resources Ltd, KRL.V, closed at CA$0.115 on July 13, 2022.
Originally posted on CliveMaund.com on July 7, 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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CliveMaund.com Disclosures
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.
Disclosures:
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
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