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GDN 1.7¢

can any chartists help?

  1. thegupper

    749 Posts.

    Golden State Resources has seen an increase in buy side depth and volume of late with the price consolidating in the low .04's. A series of ascending waves appears to be forming but as yet without the consistent surge in volume to suggest a genuine breakout is imminent.

    Perhaps someone better versed in TA would care to forecast where the stock price is headed over the coming weeks.

    I'm broadly optimistic that the breakout point of .052 is achievable soon. A close above this price - according to Investorweb analyst Cath Davey - would see the stock qualify for "big mover" status based on its history of sudden rapid rises (it went from 4c to 52 cents in 4 months in 2000!).

    However I'm also aware that low liquidity leaves the SP open to manipulation.

    A JV announcement (flagged as a priority objective in the recent Leonora update) or further good drill results might be the trigger required. Any chartists care to offer a perspective?

    I hold. Conduct your own research.

    TIA,

    Gupper.

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