Emerald Resources (EMR:ASX) Wedge BOHey all, I'm still very new to investing but have seen success with EMR.
I was an investor in Bullseye (BE) who was acquired by Emerald Resources (EMR)
I've been quite a strong believer in gold more recently due to the current world events happening around us and also believe there is some more economic pain to come in the future.
I'm in no way a pessimistic person however whilst looking at the world economy and the possibility of it slowly ticking down and being realised that a sickness resides deep within gold has become more and more popular as a defensive commodity.
So, let's jump into my TA.
I was awarded 8650 shares of EMR valued @ 80c
There is a lot of positive signals in the books and within the graph itself.
I identified a form of wedge and some areas of interest in the forms of the orange lines which act as S/R levels.
I'm currently aiming for $1.6
EMR trade ideas
GORGEOUS WEEK FOR EMRThe goldies have been moving recently but Emerald Resources has been somewhat resistant. It doesn't get as much attention as it deserves on the ASX but there's a lot to like about this company. All that changed this week, with EMR painting a strong weekly bar. Money Flow is off the charts and I'm happy with the Stochastics setup here. It's nice when you get a chart showing clean moves like this.
Price is moving out of it's point of Control. You could label the corrections as a Heads and shoulders pattern with a measured move to $1.60ish. Either way, EMR is probing for blue sky. Long may she run.