On the heels of news they've finally reached the gold deposit, it looks like this one is attempting to break out of the long-term downtrend. The price has back-tested the log-scale trendline (resistance now becoming support), and the next major resistance is the 0.786 fib level at around 20 cents.
The fib levels have all acted as resistance on the way down, so...
Aside from the fact that management has totally ghosted and provided zero updates while share price has tanked... the technical setup is looking ripe for a bounce - and hopefully an actual trend reversal.
- volume increasing
- bullish falling wedge
- bullish divergence in the RSI
- encountering major support (previously resistance)
- spot gold is forming a...
Decreasing volume, RSI is bending up, 50-period (4h) EMA holding as support.
If gold can continue moving upward, a bullish break of this pennant is a possibility.