The stock has been in a consolidation pattern basically between 35c and 58c over the last 18 months.
Currently RSI and MACD are looking good. The 10 days moving average has also crossed the 30 days as CTO is clearly trending up.
There is a realistic chance CTO could break out of its trading range of the last 18 months to the upside with the next chart target equal to the consolidation trading range which means 58c plus 23c = 81c.
Why a breakout?
Well, not only do we currently have US$960 gold but CTO's 20th. February ASX release indicated amongst other things that:
"With the ore stockpiled in anticipation of the commencement of milling this week, ore continuing to come from the underground and an intensive diamond drilling in progress, Citigold looks forward to a very successful first calendar quarter 2008."
CTO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
