Riversgold Ltd.
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Market insights
$RGL with a breakoutMost gold stocks have taken a hit over the past months, but $RGL is one that can quickly reclaim old highs with gold coming back off a down trend. Definetly a risky play as its a spec stock, but put in a stop loss at 20% will reduce the risk. May even wait for some news on drilling results.
RGL 120% Bullflag Break(ASX:RGL) Riversgold Ltd is an Australian based gold exploration and development company with projects in Australia and Alaska.
With Solid Fundamentals, Announcements inbound and Clear TA forming this is shaping up to be a Great Trade & Investment.
Chart:
- Completion of Bullish Pennant
- Classic Bullflag Formed
- MACD Reversed and Spreading
- RSI trending upwards
- Ichimoku Conversion and Base Line set for a cross, Lagging Line can clear structure and run, Cloud currently being tested
- Fractal Targets lining up with Previous Structure and 2018 Highs
- Fib Extension -0.272 also lining up with Previous Resistance (2018 Highs)
- EMAS crossing Bullish
- Market Structure over the last 2 week indicating change in direction
- Risk/Reward +5:1 minimum
Fundamentals:
> CR being completed for upcoming Drilling Campaign for its Kurnalpi Project (WA)
> Boots on Ground already (Geologists and Team on site)
> 1000 KM Tenement (<600 KM of which has been never explored) 50km from one of the BIGGEST GOLD Producing Towns in WA Australia (Kalgoorlie)
> HIGH Grade Prospects Identified
> Over 40 Exploration Targets identified in its first pass magnetics scanning with Quarterback Geological Consultants prioritising exploration and anaising Rock Chip Samples
> Upcoming announcements for Aug/Sep
I'm eager to see what Exploration Results come from there Culter Exploration Project , Open in all directions, and HIGH Grade results across the 500m Strike Zone are both Shallow and Deeper Intercepts
10m @ 11.0g/t Au (from 24m)
4m @ 5.3g/t Au (from 30m)
3m @ 6.18g/t Au (from 38m)
1m @ 19.0g/t Au (from 64m)
1m @ 62.9g/t Au (from 129m)
With Gold prices still currently holding north of US$1900 the sector is a buzz with excitement and activity. They have the Leadership Team, Tenements in GOLD RICH Location, Government Approvals, 'Boot on Ground' and they have Cash at hand. Now they just need the results!!
EYES ON!!
These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!!
