Sirius Minerals share price: bearish movement continues

The longstanding downtrend in Sirius Minerals remains in effect, despite news on production at its Yorkshire site.

The news from Sirius Minerals this morning has failed to inspire the share price, which is beginning to run out of steam below 15p.

The price has been trending lower since August last year, and a downward channel remains firmly in place. The price bounced off the lower bound of the channel in mid June, but already bullish momentum appears to be fading. A push above 16.4p would break the resistance level that prevailed in late May and early June, and carry the price on towards 19p, and then the upper bound of the channel at 20p.

If the price breaks lower from the descending channel, then the risk is that the 2015 lows around 10.5p come into play very quickly, providing a fresh bout of bearish momentum for the share price.

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