1. It's definitely overbought, RSI 79 (Monthly) RSI 58 (Weekly) RSI 50 (Daily)
2. Losing volume, based on volume indicators less volume with rising price is again bearish indicator.
3. could be good to consider buying at Fib level 0.5 at $0.750, Its also price consolidation zone just around 30% retracement from current price.
4. Ideally best buying should be in...
Long list of these mid caps also looking to turn bullish after a 3 month downtrend
time is now on the retrace to take final positions
accumulate
should be a big wave (3) for 2021-22
cheers
Toby
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,...
Break out of short term down trend testing nearest resistance at recent high. If daily candle closes above 0.850 we could see a run to test 1.0 again.
A small pull back and then a close above 1.0 should see a run to test 1.25 resistance.
Otherwise, a rejection here at could see it fall back to trend line or support at 0.625 to create a higher low before heading...
Factors
1. Price has broken out of the recent downtrend (15/07/19 - 24/12/19)
2. There is a bullish candlestick printed where price broke the recent downtrend (24/12/19)
3. Decent volume plus strong candle on the initial breakout (24/12/19)
4. There is a gap at 8.1c which I would be looking to target. May find some resistance at 6.9c.
Possible Reasons For...
Wasn't impressed with the lithium announcement today or the following up drill hole. Not expecting too much from DEG with regards to its lithium assets now and neither did the market.
Not worth following DEG for lithium now however worth watching for their gold conglomerate updates.
$ARV and $DEG fortunes haven't been good of late. Unfortunately, the real kicker has yet to come as Novo Resources have yet to release their trenching results from Purdy's reward. I now consider these results to be overdue is usually does not bode well for results.
Rapidly losing patience with this one. Final Toweranna and Blue Moon assays now appear overdue. Novo Resources trenching assays also looking overdue. The Pilbara conglomerate followup message has been handled badly to the market by all players involved.
The focus will be on Blue Moon results this week and Pilbara conglomerate stocks are still trying to recover from the major retrace in Novo Resources shares. The conglomerate story appears to been placed in a self-inflicted coma as Novo and ARV attempt to salvage an agreed plan to go forward.
Next catalyst for De Grey Mining with be the assay results for Blue Moon drilling. DEG will also benefit from as an alternative to the Pilbara conglomerate from Novo Resources, whose last two announcements have left the market wondering on their approach to sampling and grading of the conglomerate. Expecting to see DEG and ARV to divest themselves from Novo...
De Grey Mining $DEG is my holding for the conglomerate gold rush in the North West of Western Australia. The stock has been currently trading in a holding pattern that indicates that sophisticated investors are accumulating. Expect Novo Resources to be releasing a 3D conglomerate mapping update this week that will impact all the exploration plays in the area. ...
