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Kodal Minerals Share Price Is Hanging By A Thread

Kodal Minerals (LON: KOD) share price is in the midst of a recovery after a huge sell-off last week. The shares of the mineral exploration company fell 26.72% last week and are currently having a strong rebound. The latest analysis shows that the price has fallen below 2017 peak after breaking above it.

On Friday, UK shares tankend once again as the benchmark FTSE 100 index fell to fresh 3-month lows. Kodal Minerals shares also slid by 3.17%. On a weekly timeframe, the shares were still trading 30% above their last week closing price.

Hainan Approves Deadline Extension For Kodal Minerals

According to the latest Kodal Minerals plc news, the company has secured a deadline extension for the funding package deal. As per the recent reports, Hainman minerals has granted approval. After the extension, the new deadline for the funding package deal is August 31, 2023.

Kodal Minerals is a minerals exploration firm which is focused on Lithium. Kodal Minerals share price has been in an uptredn since the start of 2023. The stock is currently more than 100% up from its yearly opening. However, there is one key level on the chart which may act as a line in the sand for bulls and bears.

Kodal Minerals Share Price Retraces From Fresh ATH

After a major pullback in 2022, LON: KOD surged to a new all-tim high in April 2023. However, the previous all-time high set in 2017 still remains as a very critical level on the chart which is currently being retested. Kodal Minerals share price forecast will flip extremely bullish if the price flips this 0.60p level into support.

However, an acceptance below this level will be brital for the stocks of the minerals explorer as it will confirm a failed breakout attempt. In this scenario, a retest of the upward trendline can be expected in a very short time. This could be a very ugly scenario for the short term holders of the stock.

In the meantime, I’ll keep sharing updated Kodal Minerals stock forecast and my personal trades on my Twitter where you are welcome to follow me.

Kodal Minerals share price
LON: KOD Chart