Is the Ironveld share price starting to move in anticipation of news? (IRON)

09 Mar 2018 | by: Richard Mason

After a quiet start to the year, the Ironveld (LSE:IRON) share price spluttered into action last week following a brief operational update RNS from the company. An upward price channel (shown in purple) had formed in the second half of last year before a dip back below to around the last 2p placing price. After 2 months of consolidation under low volume conditions, the share price tapped the lower line of that upward channel before backtesting recent levels. Today, the price is moving back up, and it looks like another attempt to burst back into that upward pipeline could well be on the cards. This is likely to be in anticipation of much-awaited news regarding the acquisition of a smelter as discussed in our previous article. A move back above the lower channel line of resistance – currently at 2.4p – could signal a further climb towards the 3p area, with news likely to be needed for any further advancement in the share price.

Author: Stuart Langelaan

The author of this piece owns shares in the company written about above

Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

    RNS Responses

    What is an alternative investment?

    Alternative investments cover everything from venture capital and commodities to stamps, antiques and even whisky. Find out more in our ‘What is..?’ series.

    Squarespace IPO: what you need to know

    Squarespace $SQSP is heading for a direct listing this month. Does this tech savvy web hosting service look a good long-term investment or a stock to avoid?