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Mkango shares could hit 6p, but wait for them to close above this number

Technical analyst Zak Mir is tipping the Mkango Resources Ltd (LON:MKA) share price to add another 50% so, but thinks investors should wait for a weekly close above 4p before piling in.

“We’ve got a notional rising trend channel here since the summer of last year,” explains Mir in the latest Proactive Investors Bulletin Board.

“The good news is that there’s plenty of support at the floor of the channel towards 3p, not so good is that way we’ve had tough resistance at the 4p level.

“If you’re cautious on the stock you want to see 4p broken, ideally on a weekly close basis, before targeting the top of the channel at 6p plus.”

 

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