Annual forecast for Premier African Minerals Limited (2021)

PUBLISHED: Jul 10 2021 @ 12:59 | Comments (0) | More info about Azeez Mustapha

Premier African Minerals Limited shares (LSE:PREM) are currently not bullish or bearish. There has been a long-term ranging movement in the market, which has started since April 2021, and which followed those maniacal up and down swings in the months of March.

Price is currently trapped within the upper and lower Trendlines, and a break either upwards or downwards will determine whether the trend will turn bullish or bearish once there is a break out of the Trendlines (a breakout from the current ranging movement).

Nonetheless, on looking more closely at the chart, it can be seen that the probability of price going south is more than its probability of going northwards. Price is nosing close to the lower Trendline and the RSI period 14 is almost below the level 50.

In case the current bearish effort becomes more prominent, the support lines at 0.175, 0.15 and 0.1 would eventually be tested this year.

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