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One Gold Mining Stock Trading near Resistance – GFM

Apr 26, 2023 | Team Kalkine

Read Time :5 mins

One Gold Mining Stock Trading near Resistance – GFM

Griffin Mining Limited (LSE: GFM)

Griffin Mining Limited is an FTSE AIM All-Share index listed entity that operates through its 88.8% owned Joint Venture in China, the Caijiaying Zinc Gold Mine (a profitable mine producing zinc, gold, silver, and lead metals in concentrates).

As per the previous recommendation on GFM on 15 March 2023, a ‘Speculative Buy’ rating was given on the stock at GBX 77.90, and noted below are the details of support and resistance provided in the previous report:

Recommendation Summary as on 15 March 2023

GFM Daily Chart

Considering the achievement of resistance 2 levels, current trading levels and risks associated, it is prudent to book profit at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of GBX 95.00 (as of April 26, 2023, at 12:25 PM GMT+1).

Griffin Mining Limited is a part of Global Fully Charged Report.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is April 26, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.

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