Wow what a day for JML today....Registered its highest volume ever with over 17 million shares traded, this allowed it to break out of its trading range.
Heres a daily chart.
* Clearly shows a break out as JML managed to close above the 36 cent resistance line after 4 failed attempts. 36 level should now act as support.
* Stochastics have made a bullish cross - showing momentum is now to the upside and suggesting further gains.
Heres a weekly chart.
* The chart shows the Break of the weekly resistance line at 34 cents. Very bullish if JML can close above the 34 cent line at the end of the week. the stock has spent 16 weeks consolidating its run in march and therefore this break could be the start of a new multiweek run.
* MACD also crossed up today.
so we have a break out on the daily chart with the highest daily volume ever for the stock, a break out on the weekly chart , Momentum indicators have turned bullish, all looks great - as long as the markets hold up i am expecting 50 cents to be hit in the short term.
Longer term this is an excellent global recovery play with analysts forecasting strong copper prices due to limited supply and increased global demand going forward.
Good Luck!!
JML Price at posting:
37.5¢ Sentiment: LT Buy Disclosure: Held
