Support *1 - CAD 1.78
Support *2 - CAD 1. 68
Resistance *1 - CAD 2.46
Resistance *2 - CAD 2.59
**Disclaimer - not financial advice, please trade with caution and DYOR. This prediction Based on My Dreams. I am new to this trade and would appreciate your feedback on my analysis.
Oceana Gold long idea:
MACD Cross with bullish histogram
hard bounce off longterm support at $1.78
inflation fears and panic buying on gold will enhance gold producer margins
duterte likes mining
OGC has been trading in the 1.3-5.00 range for 10 years now.
I guess I am closing my position at 3.00-3.40 and will just watch the stock from there on.
OGC- Fan of the way this chart is setting up for a gold company with the hype in the sector. Ascending triangle approaching SIG resistance range. Watching for it punch through and make a move to upside
Quite a few gold stocks are showing strength.
All of them have seen-
1. A spike in volume
2. Greater price range for the day
3. New 3-month highs
These indicate a bullish run from Gold stocks, possibly testing previous highs.
Is the fact that gold is a safe haven in bearish markets causing this? Gold price going up, gold stocks going up.
The last few trading days show that this is a good buying opportunity and stock has probably reversed.
Stochastic shows it climbing up from an oversold position and MACD histograms show that the market is trending positively.
I believe OGC could rise up to its previously long held position of $3.45-3.50.
I am placing a stop loss at $3.00, to give myself about 2%...
A new Zealand Gold mining company. New Zealand's Dollar and Stock market are very strong and this gold mining company has some of the best profit margins of any in the world. If gold markets continue to rally this year like I predict, this could be one of the best companies to hold. Sadly I cannot buy TSX at my broker.
