I have not been charting the minnows for a couple of months. It has been interesting to see the new, young generation of technical analysts coming through on Twitter to fill the void!
So here we have an old school perspective of the present configuration of Regency Mines, as requested by someone I believe like myself is Glasgow born and proud.
What can be seen on the daily chart here is the way we are trading in the aftermath of a rather painful pullback from the peaks above 1.2p in April. The most uncomfortable part though, may have been the past 5 weeks or so spent below the 200 day moving average now around 0.67p. However, it does look as though there has been enough positive consolidation since the beginning of June to deliver a fresh leg to the upside. The favoured scenario is that as little as an end of day close back above the 50 day moving average now at 0.73p should be enough to serve up at least an intermediate rally back towards May resistance at 0.9p. Indeed, with the 200 day line still rising even after the retracement of recent months one would be happy currently to err on the side of a sizeable rebound. Only well below the floor of last year’s trend channel at 0.5p would ring any alarm bells at the moment.