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Potential Buy Entry Alert to Watch ALK
Time Frame : Daily/Weekly
Sector : Materials/Basic Materials
Key Stats : $288.28 Million Market Cap, VWAP 0.545, ASX Ranking 496, 4 Week Av Turnover $807,080, Current Turnover Intraday $485,913 (10:43am AEDT), PE 11.7.
Company Overview : Alkane Resources Ltd (ALK) is a mineral exploration company engaged in gold and other rare earth mineral projects in the central west of NSW in Australia. The Group’s most significant development is the Dubbo Project, to be operated by ASM.
Broker Consensus : BUY
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ALK – Alkane Resources Limited
ALK is finalizing a rights issue to raise AUD$34.8M at $0.55 for drilling and a number of other activities. Even though the price will be diluted, we expect buyers to step in as company management and major shareholders commit to taking up their full rights. We will be watching the action to see if weak holders are squeezed out and price can hold around 0.55 as it is in a prime position to start a march higher. Good volume has supported recent rallies so this may be a sign of things to come.
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Stock Code : ALK – Alkane Resources Limited
Company Website : www.alkane.com.au
Current Price : 0.555
Status : On watch for potential higher low and push up through 0.85
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TradingView Link : Click Here For TradingView Chart
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