London Mining (LOND): Bear Trap Targets Towards 190p

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Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting

It stars the likes of Petrel Resources (LSE:PET), Leni Gas And Oil (LSE:LGO) / Gulf Keystone (LSE:GKP) and most recently highlighting quadruple support for Gulfsands Petroleum (LSE:GPX) under 80p.

London Mining (LSE:LOND): Sub 120p December Trap

One of the more painful pieces of price action among AIM stocks of any shape and size at the end of 2012 was the temporary bear trap for shares of London Mining below 120p, one that made it appear however fleetingly that there could be a lasting break to the downside and a useful shorting opportunity.

But what is difficult to argue is that the false December move has been the trigger for a sharp and near vertical recovery for the price action. What can be said now is that while there is no end of day close back below the late October resistance at 154p the upside for London Mining should be towards the falling 200 day moving average now at 187p – a 2-4 week time frame price target.

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