After recapturing its 200 DMA last month (May), Premier Gold Mines Ltd. $PG.TO / $PIRGF has continued to grind higher trading above all of its important moving averages (20/50/200 DMA's) and now finds itself rapidly approaching and important inflection point.
In addition to appearing to have put in a double-bottom at the $1.40 level on the Weekly time-frame, we can also observe from the Daily chart above that $PG.TO also appears to be carving-out a rounding bottom.
Nevertheless, the action remains constructive from a technical point of view as the stock continues to display favorable characteristics.
Moving forward, both investors/traders may want to keep a close eye on the $2.15 level and important inflection point as well as potential short-term resistance. Should $PG.TO be capable of going topside and clearing the hurdle at any point in the days/weeks ahead, such development would likely trigger its next advance into the $2.40/$2.50 zone with a secondary potential objective residing in the $2.60- $2.80 area.
Thus, both investors/traders may want to continue to monitor the action closely moving forward for a potential break into higher ground.
In addition to appearing to have put in a double-bottom at the $1.40 level on the Weekly time-frame, we can also observe from the Daily chart above that $PG.TO also appears to be carving-out a rounding bottom.
Nevertheless, the action remains constructive from a technical point of view as the stock continues to display favorable characteristics.
Moving forward, both investors/traders may want to keep a close eye on the $2.15 level and important inflection point as well as potential short-term resistance. Should $PG.TO be capable of going topside and clearing the hurdle at any point in the days/weeks ahead, such development would likely trigger its next advance into the $2.40/$2.50 zone with a secondary potential objective residing in the $2.60- $2.80 area.
Thus, both investors/traders may want to continue to monitor the action closely moving forward for a potential break into higher ground.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/