The last five days trading has resulted in a very interesting TA pattern for AGO. IMO, the most interesting characteristics are - a quite clear pennant above and below a mid-line of $1.00/$1.01 which seems to now be a fairly solid support point; - trade on 27Feb14 filled the gap at 95.5 created on 28Jan14; - very long doji on 27 & 28 Feb (particularly the large dragonfly dogi on 27Feb), and much shorter doji today and yesterday (meaning bulls and bears are fighting it out and neither clearly winning, and that the battle is abating); - OBV below zero - RSI heading towards oversold territory - MFI in the mid-range of about 50; - MACD around zero but looking to cross again.
These all add up to the suggestion that a break-out is imminent (particularly the pennant pattern), probably to the up side given the support at about $1.00.
What do all you other technical analysts reckon?
AGO Price at posting:
$1.01 Sentiment: None Disclosure: Held
