February 9, 2023 (Investorideas.com Newswire) Technical analyst Clive Maund reviews Terra Balcanica Resources to tell you why he believes now is the right time to buy.
We bought Terra Balcanica Resources Corp. (TERA:CSE) too early late in October due to the belief that it was at the lower rail of an uptrend channel but it wasn’t and went on to break down from it by moving sideways. Apart from wasted time, no lasting harm was done because downside was limited with its strong volume indicators showing that it was under accumulation, and we are now up slightly on our purchase at that time.
On the latest 1-year chart it is now clear what was going on. The price drifted off in a gentle downtrend to form the Handle of a fine shallow Cup & Handle base pattern, this new interpretation is validated by the strong volume as it broke out upside from the pattern in the middle of last month.
This breakout was technically significant but hardly spectacular and would not have attracted much attention. Since it occurred the price has been consolidating the breakout with the dip of recent days, which was largely due to the sector being hit, throwing up an opportunity to buy it at a good price with the benefit of knowing that it has already broken out from the base pattern.
We can buy it here or buy more of it at a good price while it is still trading relatively quietly, knowing that it will probably attract a lot more attention once it breaks clear above the resistance at the top of the pattern which will be signified by its advancing through the CA$0.13 level where it stopped and turned back several days ago.
We stay long and Terra Balcanica is rated a strong speculative Buy here.
Terra Balcanica Resources’ website.
Terra Balcanica Resources Corp. closed for trading at CA$0.105 on February 6, 2023.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Terra Balcanica Resources Corp., a company mentioned in this article.
Chart provided by the author.
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