Yeah there is a gap and a smaller support level on a weekly time frame at 2.38. If it folds here below 2.50 that is my next point of interest. If the gap fills and then continues to make a new low I'm out for a loss on this one. I got too excited and bought a half size position at the 2.80 area despite volume dropping and thought the run would continue in gold for at least a few more weeks and the pull back would be gradual. I also thought the 1300 level would provide some support in gold but it didnt even notice it.
Still i'm confident with this share, good fundamentals and the chart was looking primed for a run. Broke out of it's downtrend line on strength, formed a higher low and then gapped up. If the stock holds here and gives another up week the dashed line will confirm an uptrend which is very positive. If not then as i said above the gap fill or look for an exit and re-buy around 2 dollars.
Just my 2 cents worth anyhow, as always DYOR.
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- Nice early retest of horizontal support
Nice early retest of horizontal support, page-24
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