Trader_Johnni

DE GREY MINING RUN TO CONTINUE?

Long
ASX:DEG   DE GREY MINING LIMITED
DE GREY MINING (ASX:DEG) has just had a much needed rest. After 8 months and +3000% increase its well deserved after its Pilbara WA "Mallina" Project surpassed 2.2Moz Gold Projection. Sitting 50KM south of one of the most ideal ore exportation capitals in the Southern Hemisphere (Port Hedland WA) it's easy to see why De Greys is going from Strength to Strength, and they haven't even scratched the surface with multiple Gold anomalies yet to be fully explored.

Technicals: Area of Interest approaching...

Fib Retracement Golden Pocket Near, recently broken .382 level.
Uptrend Intact.
Has already hit Major Trend Based Fib Retracement target previously for +170%.
Healthy retrace almost complete IMO.
Ichimoku still intact and Bullish .
MACD starting to round anticipating the turn BUT not confirmed.
RSI starting to flatten having just crossed the 50.
Stochastic indicating oversold region.
Approaching MA50 looking for reaction.

Some Fundamental Highlights..

Mallina Project quickly turning into Tier 1 Project +2.2 Moz Gold Deposit.
Project location among the best in the World.
Stable Cash Runway + $28million CASH (30 June 2020) & Debt Free.

With such a rapid growth it's hard not to keep an eye on the rising star De Grey Mining , BUT I'm more interested in future projections of Gold consumption and what this means for the Sector. With global demand predicted to rise by 2.1% annually and Australia set to be the No.1 Gold Producer in 2021 it's a good sign for the Domestic players with production set to rise by 9% 2020-2021.

These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTA. Happy Hunting!!!