RE:Bull Market Run Initiates Coverage on Fairmont Resoures Inc.Fairmont Resources Inc. (FMR, TSX-V) Update Yesterday, we provided an initial overview of some fundamental drivers behind
Fairmont Resources (
FMR, TSX-V) which significantly out-performed the
Venture during
2014 by doubling in value…given the fact
Fairmont has just received its certificate of authorization for extraction at its Buttercup Property near Chicoutimi, Quebec, and has other plans in the works in the industrial minerals space in that province, we can’t help but be bullish on this company’s prospects for
2015…the possibility of near-term production and cash flow for a deal with only
17.5 million shares outstanding is attractive to say the least…
Fairmont is also the kind of company that will benefit from lower fuel prices…
This morning, John gives us a look at FMR from a technical perspective with a 3-year weekly chart…
The decline from last year’s 30-cent high was a very normal retracement to the rising 300-day moving average (SMA) at 15 cents which is also a Fib. support level…astute traders and investors will accumulate on that kind of healthy retracement for the next wave up…
What’s interesting as 2015 begins – why we’re so excited about FMR from just a technical standpoint – are the bullish confirmations in the RSI(14), Slow Stochastics and ADX indicators…it’s not often in this market that you see that kind of a “triple play” in technical indicators, but that’s the situation with FMR which closed up half a penny yesterday at 19.5 cents…
