For those that are interested in TA. I know charts are not always helpful with micro penny stocks but it does give us some clues. Today is the first time that the daily chart looks positive in a long while for a number of reasons.
*Firstly price traded for the first time above 20 and 50 moving averages since late Oct 20. The 20 Day Moving average is turning up with the 200 MA stabilizing at 1.8 cents for support.
*Secondly the biggest volume traded since late Nov 20 reflecting renewed interest and closed on the high for the day thus the bulls are in control.
*Thirdly volume declined over the last month indicating declining selling pressure since mid Nov 20.
*Lastly positive divergence (marked by pink line) is in play reflecting current upsurge in price and change in trend.
It is still early days and a lot of more volume (interest) is required to overcome stale holders sitting at a loss at the moment. The stale volume is mainly above the 2.5 cent level (marked with green lines). Once this resistance level is broken the next area of resistance is around 2.7 cent and then 3.0 cent.
A good announcement or two will be very helpful to create further interest coupled with further improvements in copper/gold price. Market cap is still only $15 mill thus room to move higher in my opinion. GLTA.
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