GORO ahead of 120% rise.

AMEX:GORO   Gold Resource Corporation
GORO ahead of 120% rise. The financial and fundamental background of the Company is excellent. Its acquisition in the last quarter increases the future value of the company by nearly 10x. This is not reflected in the current share price, and therefore could have significant upside potential. The technical picture suggests a similar picture. I have plotted 3 ATR axes on the chart. The rising wave sequence is built from the lower green axis. The middle ATR axis is a corrective resistance axis that was confirmed yesterday. Therefore, I expect a strong upward movement in the coming days. The first temporary target price : 2.59 usd. This level is given by the angle of the ATR axis dips calculated above the last multi-month downward wave sequence. I assume this resistance level as a short stop only. After that the price movement of the stock could be much stronger and steeper. Which has the following target price : 4.49 usd. This level is obtained by taking twice the height of the previously mentioned multi-month wave sequence. This means that from the current level the price of GORO could rise 120%.


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