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Tower Resources successful short call

20 May 2014 | by: Richard Mason

In light of our highly successful short call on Tower Resources at 6.5p here we now suggest the technicals are showing clear signs of exhaustion on the short tack thus present a trade opportunity long. Look to BUY into TRP weakness starting at 2.75p but be prepared to sell into the rise created by the excitement of commercial oil or drill speculation. We are not suggesting holding through news but merely offering up a balanced opinion of when ”a company presents value” against ”when it does not.”

The SP has fallen under the 200DSMA presenting a bear trap case backed up with a tiered Relative Strength Index. Its only a matter of time before TRP turns and we believe scaling in responsibly will pay dividends.

Target an entry around 2.6p average with an initial 4p target for 40% (again)

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