RSG 10.3% 43.0¢ resolute mining limited

The bearishness is surprising and probably for the best in...

  1. 6,080 Posts.
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    The bearishness is surprising and probably for the best in setting up a nicely large rebound here.
    A washout is taking place, shorts are now .13% or 997k of shares issued, meaning they are at Dec 15 lows when RSG was near 22c.


    Just a few forecasts:

    Goldman technical anaysts suggest the nest leg higher for gold is to $1378...

    Gold Daily – The setup here is looking a lot like USDJPY. It tested/held two equality targets from the April/June at 1,215-1,205. This implies that the pullback was in fact corrective/not impulsive. Daily oscillators have diverged positively from the bottom of their recent range. The break above 1,236 further confirms that the market is now rising in an impulsive (and has room to continue). The next level to focus on is 1,249 (1.618 off the July low/ 100-dma). As long as pullbacks avoid overlap with the Jul. 12th high at 1,226, the underlying bias should remain in favor of higher levels. It’s also worth considering the notion that Gold may be in the (C) leg of an (ABC) pattern which began in Dec. ’16. If that’s the correct interpretation, the next leg higher could eventually continue up towards 1,378. How price action develops at ~1,296 (double highs from April/June) will likely be critical.
    View: Break of 1,236 opens an initial target at 1,249. Target/watch how price develops at 1,296.


    COT





    We have to wait but risk vs reward here looks increasingly excellent.
 
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Last
43.0¢
Change
0.040(10.3%)
Mkt cap ! $915.4M
Open High Low Value Volume
39.5¢ 43.5¢ 39.5¢ $7.890M 18.87M

Buyers (Bids)

No. Vol. Price($)
4 51900 42.5¢
 

Sellers (Offers)

Price($) Vol. No.
43.0¢ 111352 4
View Market Depth
Last trade - 16.10pm 28/03/2024 (20 minute delay) ?
Last
43.0¢
  Change
0.040 ( 11.3 %)
Open High Low Volume
39.0¢ 43.0¢ 39.0¢ 4833554
Last updated 15.59pm 28/03/2024 ?
RSG (ASX) Chart
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