General Moly is demonstrating a bullish outside bar which is a reversal pattern which will give us usually 5-7 bullish trading sessions. Notice how it has bounced off the 200 day moving average which is acting as support. General Moly is a takeover candidate and needs to be monitored to see how it acts with the 50 day moving average which has become resistance. This bullish pattern should lead General Moly to test resistance.
Notice the first outside bullish bar in July which led to GMO pushing to 3.50 before it had a series of bearish outside bars which should have been a signal to watch out especially after the triangle breakout. Now GMO does have a bullish outside bar once again which would be confirmed as a trend reversal if it breaks the bearish resistance trend line. Also the macd is about to cross on any upward price movement.
whats going on with uxg ? why is it so sluggish to move up compared to most other gold stocks?
Because they are not producing now…they are an exploration company building resources…
but so many were up today even those not producing now
You are a 100% right. UXG choppiness has me concerned.
when can we expect this stock to move up and break resistance?
im wondering if i should add on to my position of this stock or should i wait?
1 MORE NOTE – UXG AND NGD ARE NOW PART OF THE NEW MARKET VECTOR JUNIOR GOLDMINERS ETF THAT JUST CAME OUT TODAY ! SYMBOL GDXJ…. THIS CAN ONLY BE A GOOD THING FOR UXG AND NGD…RIGHT? HOPEFULLY THIS WILL HELP THESE TWO HIT EVEN HIGHER HIGHS THIS YEAR COMPARED TO PREVIOUS YEARS…..GOOD LUCK ALL !