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