Alamos Gold began the year with a rally. Now, after a period of consolidation, some traders may see further upside.
The first pattern on today’s chart is the July 11 weekly close of $26.62. It constrained prices for over a month, but yesterday the Canadian gold miner broke that resistance and closed at its highest level in almost four months.
Second, consider the low in mid-July, the lower low in late July and the higher low in August. That rounded bottom may suggest buyers are active not far below the recent range.
Third, the small distance between the 50- and 100-day simple moving averages highlights the extended consolidation phase. Could its longer-term uptrend resume if that neutral period ends?
Fourth, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Those signals may be consistent with short-term bullishness.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on today’s chart is the July 11 weekly close of $26.62. It constrained prices for over a month, but yesterday the Canadian gold miner broke that resistance and closed at its highest level in almost four months.
Second, consider the low in mid-July, the lower low in late July and the higher low in August. That rounded bottom may suggest buyers are active not far below the recent range.
Third, the small distance between the 50- and 100-day simple moving averages highlights the extended consolidation phase. Could its longer-term uptrend resume if that neutral period ends?
Fourth, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Those signals may be consistent with short-term bullishness.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.