Welcome To the Gold Bullion Development Corp. HUB On AGORACOM
So far in 2015, three trenches have been completed in the area covering the smallest proposed pit located furthest west with channel sampling from the middle trench, TR15-11, returning 6.05 g/t Au over 8 m including 14.98 g/t Au over 3 m.
Message: BMR-John's New Chart May 28
May 28, 2010
Gold Bullion Development: New Highs On The Way
With one of the most exciting exploration plays in Canada, investors can expect Gold Bullion Development (GBB, TSX-V) to be a market leader over the coming weeks as the CDNX surges to the upside as predicted here at BMR. John updates GBB’s technical condition prior to the market open this morning:
John: Yesterday, Gold Bullion Development opened at 39 cents, the low for the day, and spent most of the session in the low 40’s. It closed at 40.5 cents, up 2.5 cents. It traded strongly on a very solid day for both the CDNX and Gold. All of GBB’s moving averages are in bullish alignment right now which certainly makes this stock stand out in the crowded space of the CDNX.
Looking at the chart, we see that GBB is trading in an upsloping channel (blue lines). On Tuesday there was a hammer candle (or perhaps a dragonfly doji) indicating a possible bullish reversal. This was followed by an inverted hammer on Wednesday and another one yesterday. These hammers have confirmed the reversal. Strong support is provided by the rising 50SMA.
Looking at the indicators:
The RSI has crossed back above the 50% level – a very bullish sign.
The Full Stochastics %K (black line) crossed over the %D (red line) yesterday and is climbing – a bullish sign.
The Accumulation/Distribution line (A/C) on May 17 crossed up over its 20SMA, indicating that accumulation was again taking place – very bullish.
Outlook: The reversal has occured and is confirmed. The 3 indicators are very bullish for a near term move up. Aided by the strength of other markets, I expect to see new highs with Gold Bullion in the near future.
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