Source: Clive Maund for Streetwise Reports 08/24/2020
Technical analyst Clive Maund charts Aben Resources and explains why he has a buy recommendation on the stock.
Aben Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB) hasn’t done much since we bought it at a good entry point in mid-July, and in truth it can be seen to have “dragged its feet” since that time, as we can see on its latest 4-month chart below. However, it still looks to be on for a drilling season runup, especially as it has held up well over the past couple of weeks as most of the sector has retreated, and the drill season still has 7 weeks or so to run.
The picture still looks favorable, with the initial big runup late in June being on heavy volume, with volume then dying back in a satisfactory manner as a rectangular trading range then formed. The duration of this Rectangle has allowed the earlier overbought condition to unwind, and now, with the rising 50-day moving average catching up with the price, it looks about ready to break out of the trading range into a 2nd upleg.
We therefore stay long and Aben is rated an immediate speculative buy here, with a stop below the support at the bottom of the trading range.
Aben Resources website.
Aben Resources Ltd, ABN.V, ABNAF on OTC, trading at C$0.132, $0.085 on 19th August 20.
Originally posted on CliveMaund.com at 9.15 am EDT on 20th August 2020.
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.
CliveMaund.com Disclosure:
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.
