Is beaten up Banro set to breakout?

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

This report was orignally published for INK Research subscribers before the market open on Oct. 15.
Thank you for joining us in a technical look at top ranked July INK Edge gold stock Banro Corp (BAA). The last 3 years have brought Banro shareholders misery, as shares have declined from highs near $15 per share down to 26.5 cents today. And while the long-term chart reveals the degree of shareholder pain, it also shows a stock that's a good candidate for a major turnaround.

A recent, significant event in its long term monthly chart is that the relative strength indicator, which measures momentum, has finally broken above its 4 year declining trendline. And while RSI is still low at 35, it has emerged from the dark depths of its downtrend and now has room to rise a lot higher. Volume has recently been quite low on the monthly chart, but this is bullish given that it has been consolidating its big rally which began in January.  
A significant increase in Banro's trading volume over the next few weeks would be welcome, as it could fuel a run toward 34 cent resistance, giving it a chance to break out on its long-term chart.
On Banro's daily chart, its major resistance is 27.7 cents, which also happens to be its 200 day moving average. 27.7 cents also marks the top of its 4-month downtrend line, rapidly converging with its rising support line at 25 cents. Clearly, one line is going to surrender and soon.  
One reason to remain bullish is that volume has ramped up the last few sessions and perhaps even more importantly, Banro's RSI has jumped quite suddenly, rising above 50 (to 62) for the first time since July. Momentum, for the first time in a long time, appears to be on Banro's side.
Get early access to INK blogs and other research such as the INK Edge oultook via an INK Research subscription. Each subscription comes with a two-week free trial period for new subscribers. You can sign-up here or purchase individual morning, market and Top-40 reports on this website.

latest Running | Nike Dunk Low Coast UNCL - Grailify

Join the discussion in INK Chat!