Is Pantheon Resources breaking out of a bullish Falling Wedge? (PANR)

By Richard Mason

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Pantheon Resources (LSE:PANR) has seen its share price decimated over the past couple of months after it reported operational failure in April. Fundamentally, the market appears to have concerns over its available cash moving forward, but chartwise there may be a technical play.

After a few weeks consolidation around 18p, the stock may have found its bottom. Today, the share price has poked its head out of a falling wedge pattern which has confined the stock over the past couple of months. This pattern often results in a bullish trend reversal, and a close above 18.15p could confirm the start of a recovery for Pantheon.

Author: Stuart Langelaan

Disclosure: The Author owns shares in the company mentioned above

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Pantheon Resources

Author: Richard Mason

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.