CRInvestor
Long

AKG - Update to a WDB Options candidate

AMEX:AKG   ASANKO GOLD INC
Hello all,
While I am really not surprised, it would seem one of our WDB options setups is looking technically quite bullish at the moment. To that end I thought as apposed to just updating the original post I would take the time to review the trade in earnest and publish a new one. The notes you see on the chart are the same from the original post. I did that on purpose as I believe they are as accurate today as they were when published. The point of this post is to point out the rather bullish technical developments of late, First and foremost, price itself has registered a rather well defined double bottom when it recently moved through the March highs at $2.46. That move broke the highlighted down trend line and came on heavy volume . The move too also initiated an 'upthrust' in Willy which has recently come off a 'stupid' oversold condition. $3.80 seems very achievable and would represent a more than 50% returns from the breakout level. A lot has changed for this stock. After a prolonged down trend, there are clear signs of bullish enthusiasm. A retest of that significant trend line is possible but considering the fundamental backdrop, I believe the wind is at this one's back going forward - at least over the near term. Technical levels hit on pullbacks should be considered buying opportunities as we work our way up to indicated levels.

Of course, WDB options players would have been long for some time now and actually got paid to take the position.....wtg WDB, score another one for efficient value investing....

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071014; Update - been a while since i could say this...Gold stocks are on fire of late! 50% return threshold crossed on this WDB option setup...next stop double (where we will look to sell half the position to create a 'free' position)....wtg CRI!
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