Hi Friends,
There's a stock that might be worth following:
RMS - Ramelius Resources.Below please find a couple of charts - one for the Monthly, showing a very strong Bullish Engulfing Candle.
This candle is sitting on a Strong Support area and the Price came down to the 76.4% Fib Retracement from its all time high and appears to be moving up; another positive sign.
The next chart is the Weekly - showing the Fib Retracement mentioned above as well as the Trend Line which appears to be in the process of being broken.
Fundamentals:- Gold is having a pullback, as you all know. But there are encouraging signs emerging.
Some of you will not doubt know of Pierre Lassonde, perhaps one of the most, if not the most, well known Gold investor and certainly one of the most knowledgeable. (and a very nice person too).
Pierre Lassonde said recently that the Mining stocks tend to lead the Gold Spot by a good two to three months. The price of the
actual physical gold is much higher right now, due to supply/ demand issues.
I'm mentioning this as some of you might be wondering why you should invest in Gold producers, when the Gold Spot is still in the doldrums. It appears that they do not move exactly in sync and the Miners lead the Stop.
RMS is a producer based in Australia, another good point; please have a look at RSG's latest news and the soverign risks involved with investing in places like Africa, as
@paddington bear has brought to our attention on many ocasions.
RMS's Revenue continues to increase and so does the Net Profit.
With the likely increase in the price of the Spot, it is only natural to expect that the producers will move up as well.
Target wise, I have $3.35, based on the Fib Extension (not shown on the charts).
Chartswise - it is likely that a small pullback may take place and, if it does find support, move up from there.
@gypaetus, if you have the time, would you mind please sharing your thoughts from a VSA perspective. Maybe there's not much there yet to enable you to form a detailed view but you are one of the very best VSA analists and we can only benefit from your input. Many thanks in advance.
Disclosure: holding the stock.
Cheers,
soccer
Charts below:
Monthly -
Weekly -
(20min delay)