Source: Clive Maund 02/18/2022
An Asia Pacific-focused junior explorer breaks out of a bull pennant and marks the start of the next upleg in its stock, analyst Clive Maund says.
We bought Kainantu Resources Ltd. (KRL:TSX) at two good entry points shown on its latest six-month chart below, and the purpose of this update is to bring to your attention that yesterday it broke out of the bull pennant that we had earlier identified on strong volume.
This should mark the start of the next upleg in the stock that is likely to be more substantial than the one at the start of the year, which served more than anything to “get the ball rolling.”
The pennant went on for a little longer than expected at about five weeks, but the outlook didn’t change and remains resolutely bullish.
No action is required on our part — we stay long and Kainantu is a buy on minor dips, if any.
Kainantu Resources website
Kainantu Resources Ltd, KRL.TSX, closed at C$0.21 on 15th Feb. 22.
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.
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Additional Clive Maund disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Kainantu Resources Ltd. Please click here for more information.
4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Kainantu Resources Ltd., a company mentioned in this article.
Charts provided by the author.
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.
( Companies Mentioned: KRL:TSX, )
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