closed above tline & 20ma daily - trend line brake soon?Today was a good day for HZM and we finally managed to make a move above 8ema & 20ma, hopefully we hold the 20ma and start moving to break the trend line and 50ma.
October is the catalyst for a Feasability study to come from Horizonte Minerals.
I believe the mcap should re-rate when we are closer and news drops.
Expect at least a target of 5.20+
Horizonte
HZM - Approaching Buy ZoneFundamentals of HZM seem strong, with the BFS on their flagship asset due in the coming weeks. That being said, a persistent seller has been present over the past several months, resulting in the share price drifting lower.
Recent cross of the 50 and 200 MA is usually a bearish sign, and the price has now dropped below the 61.8% fib retrace level. Recent support levels line up roughly with previous resistance levels, so potential around the 3.5-3.6 levels for a bounce over the coming weeks, particularly given the RSI approaching 30.
Ultimately I think the BFS will move the share price upwards quite dramatically as the project begins to look like a reality, especially if funding plans are already progressing; in the meantime, worth keeping an eye on for a slightly lower buy price. Nickel is also looking bullish for the coming years, giving the potential for HZMs projects to coincide perfectly with strong prices.
WATCHING FOR ENTRY - 618 fibs & 50ma weekly touchThis penny stock every time it touches the 50ma weekly timeframe it bounces.
It has bounced over 7 or 8 times with one being a false drop below it over the course of 2 years.
For me the buying area will be 4p-4.05p if it lands.
