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Alba Mineral Resources in ‘recovery mode’ which could see it add 30%

Shares in Alba Mineral Resources PLC (LON:ALBA) have been on the rise since the summer and could add another 30% in the coming weeks and months, according to Zak ‘King of Charts’ Mir.

“At the moment it looks like Alba is in recovery mode,” Mir explains in the latest segment of the Proactive Investors TIP TV Bulletin Board series.

“We’ve had a golden cross buy signal for the shares between the 50-day and 200-day moving averages earlier in November… [which] is normally a longer-term buy signal.”

A golden cross is generally viewed as a bullish sign and is when a stock’s short-term moving average breaks above the long-term moving average.

Mir reckons the junior explorer could now be set to build on its recent rally by adding another 0.1p or so.

“The target there at the top of that June channel is up to 0.45p and that’s valid while there’s no break back below the 200-day moving average.”

 
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