Perseus Mining Shares Ready To Run

This story features PERSEUS MINING LIMITED. For more info SHARE ANALYSIS: PRU

By Michael Gable 

The melt-up in markets continues and the trends look positive for now. As we noted three weeks ago, it wasn’t simply a case of rotating out of banks and into resources, because after the initial pullback, they were ready to get going again.

As a case in point, we identified CBA as a buying opportunity and it is now back near all-time highs. Resources have given back some ground in the past few weeks on the back of a rising US dollar, but we expect the next phase of the resources rally to recommence shortly.

Today’s technical view is on Perseus Mining ((PRU)).

We have looked at PRU a few times over the past year and noted the buying opportunities along the way.

The shares took a breather from their uptrend in July by trading sideways in a bull-flag (diagonal blue lines).

The past few days has seen it break higher on good volumes. This breakout is a buying opportunity, as is any weakness in the next few days.

The next major level of resistance is up near $3.50.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

Bachelor of Engineering, Hons. (University of Sydney) 
Bachelor of Commerce (University of Sydney) 
Diploma of Mortgage Lending (Finsia) 
Diploma of Financial Services [Financial Planning] (Finsia) 
Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
 

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