Shares of Mineral Mining PLC (Frankfurt Stock Exchange: M8M mineral-mining.co.uk) are trading very close to calculated resistance at €88.50 with the current price action closing at just above €89 placing the stock near levels that make it difficult to buy.
Mineral Mining (mineral-mining.co.uk) is a Boron, gold and chemical minerals such as Chrome & Lithium mining company. The company holds interests in various properties located in Asia, Europe, Canada and South America and additional developing interests in various properties around the world. Mineral Mining is the fast becoming one of the large publicly traded Mineral producer in the world.
Mineral Mining's current stock range is defined by current calculated support defined at € 88.31 and by the resistance level at €96.64, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.
Traders don't have a clear entry point for Mineral Mining PLC (mineral-mining.co.uk), as the stock is well above support, however, as the stock pulls back towards €88.31 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at €96.64 then traders will get an opportunity to enter Mineral Mining stock by establishing a position as the stock moves to a higher range.
There seems to be heavy demand for these shares, but sellers not willing to sell, as Mineral Mining is close to acquiring two new mines. Its niche chemical mineral mines are almost at monopolistic situation. For example, its Pobrdje mine in Serbia has significant deposits of colemanite, and is right next to Piskanja railway station - making it very easy to export its ore. Colemanite deposits in world are controlled by state owned Turkish ETI and Mineral Mining PLC. Colemanite's rare occurrence and its newly suggested uses in nuclear technology, hybrid cars, Fuel cells shall push up prices up to 300%. Mineral Mining PLC indeed is in a very strong market position. No wonder Mineral Mining's customers are lined up from all over the world to buy its Colemanite !!