Not many Gold Miners on ASX had a bullish day like RED yesterday. Infact almost all major Gold Miners were in red at the close yesterday as we would have noticed. Why ? My feel is that lots of technical stops were hit, justly or unjustly.
RED came out with a report and market reacted positively with a BULLISH BREAKOUT. A follow through over the next few trading sessions, if on hand, would validate this technical breakout. Low of the day ( @ 9.2 cents) may also hold the key going forward in terms of support. This BREAKOUT also meant a new 12 month high for this penny GOLD MINER. In terms of volume, we can say that the OBV at the bottom window was leading the price action with it’s BULLISH posture well before this breakout. Lets see how other technical traders view the bullish developments with RED today ? As a Wyckoffian trader, I have already positioned myself with RED, well before this BREAKOUT.
Disclosure : RED HELD
Daily Chart of RED below.
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