In light of this morning's news, technical analyst Clive Maund takes a look at NevGold Corp. to explain why he thinks it's a strong immediate buy.
NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) It’s been going really well since then. it was recommended for the first time to buy on April 1, exploding almost vertically from a price of CA$0.34 to CA$0.50 during its first rise. It was recommended again on April 4 upon the announcement of his staking on the claims of Zeus. Since then, as we can see on its latest 3-month chart below, it has consolidated into a fairly tight bull flag with strongly positive volume indications.
This is a sign that it is ready to explode again almost vertically higher in a second ascending wave that will likely be similar in character and magnitude to the first ascending wave, and with volume having declined to light, it could happen immediately, and the catalyst as this could well be the very positive news from the company this morning NevGold ANNOUNCES POSITIVE COPPER PORPHYRY POTENTIAL AT ZEUS COPPER PROJECT IN HERCULES COPPER DISTRICT, IDAHO.
If you read the original articleyou may recall that we unequivocally alluded to the great potential of the company's Zeus project and the strong likelihood that it would be of a similar stature to the large Hercules Silver copper discovery nearby, and This news coming from the company greatly increases the likelihood that this is indeed the case.
So we will now briefly review NevGold's latest stock chart to see how this news is likely to impact the stock price. For this, given that NevGold is now in a dynamic growth phase, just look at a 3-month chart.
On the 3-month chart, we can see where it was recommended just before it broke out of a wide trading range at the start of the month, with the breakout triggering a dramatic vertical ascent. After reaching CA$0.50, it stopped consolidating into what can now clearly be seen as a bull flag.
This flag has allowed time for the heavily overbought condition to partially relax, setting it up for further advance, and with volume having narrowed to a low level in recent days, it now appears poised to embark on another strong rise which, as mentioned above, is likely similar to the ascending wave preceding the flag.
A very positive general point and context factor that should be mentioned here is that Copper itself is entering a massive bull market in the face of a severe supply deficit that will last for years, which should clearly act as a significant driver for all copper stocks, but particularly those positioned to produce big results, as NevGold is currently.
We therefore remain long and NevGold is rated as a Strong Buy Now for all time frames.
NevGold's website.
NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) closed at CA$0.46, US$0.32 on April 17.
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Important Disclosures:
- NevGold Corp. maintains a consulting relationship with an affiliate of Streetwise Reports and pays a monthly consulting fee of between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their households) own securities of NevGold Corp.
- Certification and remuneration of authors: (Clive Maund of clivemaund.com) is compensated as an independent contractor by Street Smart, a subsidiary of Streetwise Reports, for the writing of this article. Maund qualified as a British Technical Analyst in 1989. The recommendations and opinions expressed in this content fairly reflect the personal, independent and objective views of the author regarding all designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or opinions expressed.
- The statements and opinions expressed are those of the author and not of Streetwise Reports, Street Smart or their principals. The author is entirely responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any ownership or economic relationships with the companies they write about. Full author disclosures can be found below. Streetwise Reports relies on authors to provide this information accurately and Streetwise Reports has no way of verifying its accuracy.
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Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him at the time of writing. Mr. Maund's opinions are his own and do not constitute a recommendation or offer to buy or sell any security. Because trading and investing in any financial market may involve significant risk of loss, Mr. Maund recommends that you consult a qualified investment advisor, licensed by the appropriate regulatory bodies in your jurisdiction, and make your own due diligence and your own research when making any kind of transactions. of a transaction with financial consequences. Although qualified and experienced stock analyst, Clive Maund is not a registered securities advisor. Therefore, Mr. Maund's opinions on the market and stocks should not be construed solely as a recommendation or solicitation to buy and sell securities.