Kodal (LON: KOD) minerals share price is once again gaining strength. The stock of the minerals exploration company recently had a pullback and is now in the midst of a recovery. The shares are currently fondling with a very critical level on its chart which can go either way.
The UK shares are having a rebound after a massive pullback in FTSE 100 index. The benchmark index is once again trading above its resistance level of 7,300 points. A reclaim of this level won’t be easy after a recent breakdown. Therefore, I remain skeptical of this bounce.
The latest stats reveal that around 32% of Kodal Minerals stock is currently owned by the institutions. The largest shareholders of the firm are individual investors with a collective stake of 51%. Around 48% of the shares are held by the top 25 shareholders.
These stats suggest that the general public has the most influence on key governance and management decisions. High institutional ownership of a stock indicates that veteran investors are confident that the stock will outperform the top indices in the local market in a particular period of time. Kodal Minerals share price is currently 30% down from its all-time high.
The following LON: KOD chart shows that the stock is currently retesting its 2017 all-time high of 0.60p. This is the most critical level on the chart and may act as a line in the sand for many traders. An acceptance below this chart will give bears a lot of momentum.
However, a successful retest of this level and conversion into support will make Kodal Minerals share price forecast very bullish. However, considering the recent weakness in FTSE 100 index, such a move seems to be unlikely.
In the meantime, I’ll keep sharing the updated Kodal Minerals stock forecast and my personal trades on my Twitter where you are welcome to follow me.
This post was last modified on %s = human-readable time difference 12:18