EQX saw a fairly spectacular rise from $1.60 to $2.55 in 8 days.A very healthy 59.375% increase. And now the expected and inevitable retracement.
As someone has already hinted $2.50 would be a good consolidation/support level for another move up.Historically this has been the case when EQX was PRB in another life.If anyone is interested,why not construct a candlestick chart for the last 10 days of trading and you will see how the SP is contained within an uptrending channel.Will it remain inside this channel? If it does $3.00 is not far away.Also look out for the possibility for a sequence of Fibonacci numbers starting at $2.50.
Some weeks ago the company raised money at .82 cents a share and the SP didnt take long in doubling to $1.60.This week 25 million was raised at $1.80 a share,and I expect we will see that also double in the near future.A floor at $2.20 is now in place.
EQX management have done an outstanding job in building a resource company from the disaster of the previous excursion into Indonesia.Continue to hold your positions for further price increases.The journey is just beginning.
EQX Price at posting:
$2.39 Sentiment: Hold Disclosure: Held
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