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Message: NSU - chart of the day
The following came through today as the chart of the day:
Invested Central Chart of the Day: NSU
| From: | |
| Sent: | Wed 12/30/09 9:23 AM |
| To: | susan (cundiff10@hotmail.com) |
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The new Chart of the Day is now posted! Today's chart is Nevsun Resources Ltd - NSU. NSU is a $325 million basic materials company that engages in the acquisition, exploration, development, and production of mineral properties, with a focus on gold and base metal mining and exploration. NSU performed very well throughout 2009, as did the entire gold sector. However, the selling in December has been severe as NSU lost its 50 day SMA and did so with heavy, confirming volume. So why do we like it here? Very simple - price support. NSU is approaching very oversold levels at a time when it is nearing critical price support at $2.29. We would expect a bounce from this level, at least in the near-term. The MACD is rather ominous so hoping for too much of a recovery might be asking a lot, but a bounce off support to perhaps the $2.50-$2.60 area is what we'd look for. The long-term trendline rests well below the current price, closer to the $1.85 level. If the $2.29 price support doesn't hold, we'd expect a test of that key trendline support area.
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