Nice to see a little bounce off of 5.8c/5.9c support level to form a beautiful Triple Bottom/Head and Shoulder pattern on the daily chart.
A Bullish reversal pattern and has formed right along the demand zone between 5.4c and 7c.
Even better is the Doji Star candle formed for the end of day trade, this is a bullish reversal signal when at the bottom of a downtrend; similar to the long legged doji we had a month or so ago and another formed right before PUR launched on that mega run up.
The doji candle is one of my most reliable buy signals and reversal signals (when formed at the top of a big run that's a sell signal) but in our case now it's a great buy signal as PUR is oversold as it is.
Need to wait for the EMA and MA lines to catch up a bit along with the MACD, but they will slowly come along as the share price rises.
Head and Shoulders pattern to be confirmed and that's where the breakout will be "official" even though it has already started now
, it's just in it's early days and as in the past those that wait will end up paying over 7c and 8c.
This will time well with the drilling to start soon enough and then results to come through.
Setting up very nicely on the Chart to align with fundamentals timeline and with the options at 10c strike to be converted in October it's all coming together with just a few more pieces from Phils Hill, Cal West and such to bring in the results and I'd be happy with some massive Copper and Gold but a nice Julimar find wouldn't be too bad either haha.
A market cap of only $55m is undervalued and should sit closer to the $75m level based on peers, but this gives a lot of room to move for PUR.
CHN - $2.25 Billion Market Cap
CVV - $155m Market Cap
DEV - $89m Market Cap
PUR at 10c is around the $90m Market Cap which if the results come through that will be blown away; I had said when PUR was $17mMC there was no reason why it couldn't hit around the $60m market cap level on continued results and here we are now. The same thing now for hitting $100m to $300m+....all comes down to what's in the ground across all of PURs tenements.
Some notes on the Chart
(20min delay)