CNMC

Here's some analysis on CNMC as one of the stocks that we are looking at:

Company name: CNMC Goldmine Hldg Ltd
Company code: CNMC.SI
About: CNMC Goldmine Holding Limited is engaged in the business of exploration and mining of gold and the processing of mined ore into gold dore for subsequent sale. The Company operates in two segments: gold mining and other operations. The gold mining includes exploration, development, mining and marketing of gold. Other operations include investment holding company and provision of corporate services. Its projects include Sokor Gold Project and Nalata Project. The Sokor Gold Project is approximately 80 kilometers southwest of Kota Bharu, the state capital of Kelanta. In July 2010, CMNM achieved its maiden gold pour from the Sokor Gold Project, producing approximately 93.018 ounces of gold dore, which contained approximately 76.252 ounces of refined gold.

Chart source: Reuters

Being listed on October 2011, it has fallen from its high of $0.67 till its current price of $0.35 as of today's closing. Volume is kinda thin for this counter but looking at the trend it's going into since June, it is bending towards a slight uptrend and based on our technical analysis model, we are looking at a possible target price of $0.41. However, we want to be wary of current market conditions as well, as we wanted to be in a more favorable position to enter into this stock. 

Possible good entry price: $0.33 - $0.345

Target price: $0.41

Cut price for us: $0.29 

Estimated holding time: 1-2 months

What's your thoughts on this stock?