Pan African Resources - Digging for gold

Buy Pan African Resources ( PAF .L)

Pan African Resources PLC is a precious metals producer engaged in mining. The Company operates through six segments: Barberton Mines, located in Barberton South Africa, derives revenue from sale of gold to South African financial institutions; Evander Gold Mining Proprietary Limited and Evander Gold Mines Limited (collectively known as Evander Mines), located in Evander South Africa, derives revenue from sale of gold to South African financial institutions; Phoenix Platinum, located in North West province in South Africa, derives revenue from sale of platinum group element concentrate to Western Platinum Limited.

Market Cap: £224.46Million

Pan African Resources is trading in a sequence of higher highs and higher lows since July 2018. The shares topped out in August at 14.7p and have since corrected sharply lower. The correct move has stalled just in front of the 61.8% Fibonacci support level at 10.86p and now appears to be forming a wedge pattern. The move above resistance at 11.76p has confirmed the break of the wedge , which we believe could lead to more upside in the short to medium term.

Stop: 10.7p
Target 1: 14.7p
Target 2: 17.5p

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