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May 31, 2009 / Jeb

NGD New Gold Update

Last week we wrote on the blog about New Gold and the opportunity the chart was presenting to us.  We put a buy point at $2.50.  On Friday it closed at $3.10 which was a 24% gain for our followers.  This was a breakaway gap as it broke out of a base on more than three times normal volume.  Breakaway gaps usually do not fill.  As the mining sector is overbought there might be opportunities to buy NGD at a cheaper price if there is some overall weakness.  Otherwise this is a classic breakaway gap which usually preceded major moves to the upside.  So to all our students who got in when we posted are in a great postion.

ngd 5-29

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