After a clear consolidation and concentration in the second quarter, we lost our land and noted a new low for the year in June. Then have the vibes been still positive, and it now looks increasingly out to the kraftsamlas for further rise…
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Mining and smältverksbolaget Boliden began the second quarter in negative progressions. Shortly thereafter followed a clear sideways trading, with the forces which went on a brief setback in mid-June.
After a new year low of just under sek 225 we got to a turning point. At this price level was the share also in the outer part of the large handelsintervallet and the volume range between the 225-258 crowns that have grown up since a year back.
A positive momentum was picked then up, and köpstyrkan that they have taken us back to challenge the resistance level at 236 crowns.
Thus, Boliden is now out to pull together in the face of on the rise, and we think a buy signal is triggered, shortly, at 237 sek, by an establishment above the technical resistance level at 236 crowns.
We believe at the same time that the probability is high, that in case of such a scenario is that we get a trip up to 258 crowns, after the challenging of previously kanaltak in konsolideringsområdet at 245 kronor. However, we expect that the clear parameter will not look up until at 258 crowns, and leaves therefore a målkurs on 257.50 crowns.
Tentatively placed a stop loss already at 230 crowns, in order to limit a possible fall, and a false buy signal.
Boliden is noted just below the long term 200-day moving average, which here points to a further journey to the north.
Metal prices also provides another positive piece of the puzzle to our forecast, which re-entered a short-term positive trend after the previous decline. China again expressed itself in favor of continued buying, it is also expected to contribute to demand in the future.
The stock is traded on the stockholm stock exchange, under the symbol BOL.
The OMXS Large Cap