Polymetal International is a gold and silver mining company headquartered in Cyprus. The company has mostly remained profitable except for in the middle of 2022 when it saw negative growth and decreased revenue but this was not for long as the quarter ending in December saw much better numbers in terms of growth and earnings.
The stock touched its low after March 2022 for the first time in July, but it saw a steep recovery from there. A daily chart shows sideways and range-bound movement for the stock. The stock has given a negative 15% return since the beginning of the year and has kept investors trapped within.
The £123 level has been strong support. Currently, the stock trades over the yearly support of £182, and the sharp buying volumes since the past few days indicate an upward move. If that happens, £260 can be a good target for the stock. The current levels look good for accumulation as the stock even gave a healthy upward move confirmation.
A smaller time frame gives us more clarity on the stock’s movement. A bullish buildup was seen which was ended by sharp selling, taking the stock to new low levels. From there, the stock has seen high volatility and has created a new resistance at around £200. We can expect similar volatility until the price reaches a strong zone which can either be above the £200 resistance or at the low which would be around £130.
RSI shows a slightly overbought situation but the overall market sentiments and news for the stock remains positive.
Both buyers and sellers are keeping a close eye due to which there is high volatility in the stock, which can result in a big move on either side. If the stock crosses £200, investors can look to enter if there are stronger volumes. If there is a downside and the stock goes around £120-140 levels and respects the support, investors can look to buy at those levels too.
After the £200 level, £220 is the next upward target for the stock.