ROXGOLD INC - TSX: $ROXG OTC: $ROGFF Rounding Bottom
Since last Summer (2018) ROXGOLD INC - TSX:ROXG OTC:ROGFF appears to have been carving-out a rounding bottom and in the process, recapturing its 200 DMA last month (May) and now finds itself potentially building a handle forming a cup-and-handle C&H as is evidenced in the Daily chart above.
Additionally, we can also observe that ROXG now finds itself trading above all of its important moving averages 20/50/200 DMA's, which depicts a healthy technical posture.
Furthermore, with
GOLD now awakening from its six-year slumber (long-term consolidation) and many mining equities lagging behind the physical metal itself, we suspect that the metals equities themselves have some catching-up to do.
Thus, both investors/traders may want to continue to monitor the action closely in the days/weeks/months ahead throughout the mining equities landscape and in particular, those names whom display excellent technical characteristics such as ROXG.
While we believe that and initial objective of $1.40 is viable, it's very likely that we could see the $160 - $1.75 zone further down the road as the space heats-up.
Additionally, we can also observe that ROXG now finds itself trading above all of its important moving averages 20/50/200 DMA's, which depicts a healthy technical posture.
Furthermore, with
GOLD now awakening from its six-year slumber (long-term consolidation) and many mining equities lagging behind the physical metal itself, we suspect that the metals equities themselves have some catching-up to do.Thus, both investors/traders may want to continue to monitor the action closely in the days/weeks/months ahead throughout the mining equities landscape and in particular, those names whom display excellent technical characteristics such as ROXG.
While we believe that and initial objective of $1.40 is viable, it's very likely that we could see the $160 - $1.75 zone further down the road as the space heats-up.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/
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