New Gold: interesting counter trend play
Updated
Although the Precious Metals Miners are a bit of a mixed bag, there are a couple of interesting stocks for an aggressive long setup. One of the opportunities is New Gold (NGD).
Strong bullish divergence in combination with sector outperformance (near-term) suggests a fierce recovery move is getting under way. A bounce well into the CLoud resistance is the least to expect: 1.26 and 1.48 are the first levels to watch out for. Of course there is elevated risk, but with stops below 0.75 the 'gamble' is worth it.
Near term trend: positive
Long term trend: negative
Outlook: strong recovery in down trend, positive
Strategy: counter trend/recovery long-entry
Support: 0.75 / 0.69-
Resistance: 1.26 / 1.48 / 1.76+
Strong bullish divergence in combination with sector outperformance (near-term) suggests a fierce recovery move is getting under way. A bounce well into the CLoud resistance is the least to expect: 1.26 and 1.48 are the first levels to watch out for. Of course there is elevated risk, but with stops below 0.75 the 'gamble' is worth it.
Near term trend: positive
Long term trend: negative
Outlook: strong recovery in down trend, positive
Strategy: counter trend/recovery long-entry
Support: 0.75 / 0.69-
Resistance: 1.26 / 1.48 / 1.76+
Trade closed: target reached
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