Chang Shan Hao Gold Mine

Gold production and acquisitions in China.

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Message: Not quite sure...

Not quite sure about this one... Came up on my scans as a 5/20 Golden Cross but is also forming a Bullish Pennant pattern with the breakout unconfirned yet. One would think that Thursday volume would have been confirmation but Friday's close is questioning that. Indicators still have room to move upwards and are in the "undecided' area right now. Gives this guy a few more days to show us the direction. Entry could be at $4.72 (support, red line on chart) with first target as the top of the trend line which is about $5.45 right now for gains of 15.4%. This will put it slightly above the next resistance line at $5.30 and I'd re-evaluate your position at that point in time. If resistance turns into support, it's blue sky until $5.91 for top gains of 25.2%.

See chart here.

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Oct 04, 2010 12:03PM
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