CNR came onto my radar off the back of the Noosa mining conference.
Decent story with a solid project and management team. Will need to raise additional capital over the coming quarter's, however I think they company should be able to deliver further value = share price appreciation from pending results prior to this occurring.
$22mil EV for the company an't expensive + a tight register, any decent news could see CNR go for a nice run from here.
From a pure technical standpoint Iam in, i like the setup on the short and medium term charts.
Daily - short term:
Price action continues to be very constructive with the MACD about to move through the important 0 control line + RSI with room to move before overbought signals appear post the breakout from the long term down trend in place since last October.
Volume increasing (hard to see with the chart scale) to support this move as a run to the resistance at 35c takes place.
Very encouraged to see the 43d MA cleared and I don't think it will be long under price action enters the new trading range.
This is very much a buy on weakness + pay up for volume opportunity at play.
Weekly - medium term:
Taking a step back the weekly setup shows the bigger picture at play with the 35c resistance level being paramount to clear. This will also see a positive cross take place for the MACD take place.
CNR Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
