Short on WXG
WXG is currently in an ascending wedge with bearish RSI divergence with the MACD rolling over and on a smaller timeframe has formed another ascending wedge also with bearish RSI divergence. Look for a break of trend on smaller timeframe for entry, SL at last swing high with target of $1.74, moving SL to BE when safe to do so.
WGX
WGX - Trade PlanMy trading Bias for WGX is Bullish as it has clearly and decisively broken and closed above the Bearish Trendline coupled with very High Volume. MACD is about to give a Bullish Cross Signal and RSI has come out of the Oversold region.
TP ~ $2.40 (Potential Gain 13%)
Stoploss - $1.75
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
It is all about Gold ? Part 4WGX is focused on development and production from its projects - Central Murchison Gold Project (CMGP) in WA & the Rover Project in NT. Together they contain a combined 3.92 million ounce of Gold. The price has formed an inverted H & S pattern & is at the neckline. Watch the price action for a favourable trade.