Very Powerful looking chart for JKA. So Many buy signals going off on this one.
Break out on the daily chart. Love the way it has consolidated by tagging the 195 EMA a few times, which has provided strong support at 13 cents.
Has broken out on the back of the 3rd highest volume day in 4 months.
Weekly chart shows the strength of the break. Previously JKA has failed to break sloping resistance on 5 separate occasions on a weekly time frame.
Has broken upwards out of the weekly pennant formation as upward sloping and horizontal support converged at the 13 cent level.
Momentum Indicators are all positive with daily and weekly stochastics crossing up along with the macd making a bullish cross.
OBV is showing that this has clearly been capped and accumulated over the last few months, in anticipation of the rahuhu basin news. The breaks appear to have been released, JKA remains significantly undervalued in relation to its peers and a significant re-rating has been a long time in the making.
Once the company can get the Tanzanian oil deal done and word gets out that the ex Hardman board have got there hands on a very prospective east african oil project, then its hard to imagine the share price not trading at much higher levels.
LOOKS GOOD !!
JKA Price at posting:
16.1¢ Sentiment: Buy Disclosure: Held
