Michael Gable has been bullish on iron ore stocks such as Fortescue (FMG) and BHP over the past year but reveals that Champion Iron (CIA) is one that’s flying under the radar.
“CIA is an iron ore development and exploration company with projects in Canada.
“Despite the recent run, the shares appear cheap and there are a number of catalysts coming up that could see the run continue.
“Looking at the share price chart, we have reason to believe that this upside momentum can continue.
“Several weeks ago, CIA staged an upside break (circled).
This occurred after it spent over 2 years forming a large ascending triangle. Because the upper level of resistance, which was near $8, had been in place for so long, we should expect a multi-month rally from here.
“Charting projections suggest levels as high as $12 are achievable,” Michael said.
Champion Iron (CIA)
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