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Bezant Resources (BZT) Shares Fell 11.5% Today, Should You Buy the Shares?

Updated: 2 Feb 2021

Bezant Resources plc (LON: BZT) shares fell 11.5% today despite the lack of major releases from the copper and gold exploration company that operates mines in several African countries.

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The company's last major announcement indicated that it had discovered copper-gold mineralisation continuity at the Gorob-Vendome massive sulphide deposit in Namibia, which boosted its share price slightly.

Bezant shares have been trading in a 0.10p range since December as buyers and sellers fight for control of its stock price with neither side having a strong edge over the other.

The miner also recently acquired a manganese mining project in Botswana from Mterock Resources expanding its portfolio of projects and potential future revenue streams.

However, Bezant is still a loss-making company despite narrowing its losses for the six months ended 30 June 2020 to  £261,000 from the  £387,000 loss reported in a similar period in 2019.

As a trader, I would be looking to buy Bezant shares near the bottom of the current range and would sell my positions at or near the top of the sideways range.

I would avoid trading the stock while its price is in the middle of the range because it represents a low probability trade setup.

Bezant Resources share price

Tradingview chart of Bezant Resources share price 02-02-2021

.Bezant Resources shares fell 11.54% to trade at 0.23p having dropped from Monday’s closing price of 0.26p.

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