Noronex (ASX:NRX) has slowly been consolidating in a very modest uptrend since relisting in November of 2020.

It has periodically maintained the ability to capture the market’s attention with moves in uptrend toward a high of 19c in June of this year.

The 200-day exponential moving average as seen in light blue has been providing some support to recent price action.


Chart of the Dat: Noronex (ASX:NRX)


The other short-term simple moving averages are descending toward current levels, potentially setting the stage for a more material move.

The company trades on an un-demanding valuation in the order of $23m, and has a variety of longer-term holders who are aligned to the medium term success of the venture.

Noronex just completed a 12c raise to many of those holders for the acquisition and exploration of further Namibian copper assets considered to be highly prospective.

From a technical perspective we are keen to see 12c hold, and the preference would be for the uptrend to remain in place also which currently checks in at approximately 13c.

A break of the short-term downtrend and moving averages at 14c may set the stage for a retest of 19c.

It is one of the larger exposures in the IMA at present – and whilst we acknowledge that at least to date the company is somewhat limited in terms of liquidity – should they experience success with the drill bit, we imagine that will quickly be addressed.


Steve Collette of Collette Capital Pty Ltd (ABN 56645766507) is a Corporate Authorised Representative (No. 1284431) of Sanlam Private Wealth (AFS License No. 337927), which only provides general advice.

Collette Capital only makes services available to professional and sophisticated investors as defined by the Corporations Act, Section (s)708(8)C and 761G(7)C.

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