A speculative penny dreadful Gold Stock RED, which had been crashed in 2015 is now up around 100% from it’s 2015 low .
Lets look at its short term technicals to see if there may be a further upside potential. Since March of this year, it had been stuck in a trading range at higher levels after the sharp move from it’s low of 4.5 cents.
I will use the word consolidation, since all the available data to date may indicate a re accumulation at higher levels. As long as the below mentioned support levels hold.
Short term support at 8.3 cents and a medium term support at 7.2 cents. Next resistance is around 9.5 cents and thereafter the zone of 12 – 13 cents. If a BREAKOUT above this level ( 12-13) is achieved that would turn the long term bias with RED back to BULL mode.
Liquidity/spread with RED may not be the best must also be said. Data on the chart is at 15:00 hours 26/05.
Disclosure : RED Held.
Daily RED Chart below.
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