nftrh plus

NFTRH+; A Gold Explorer Finally Pulling Back to Key Buy Levels

The preface here is that my fundamental eyes and ears are not my own. They are a fund manager who values this company’s management and a geologist who values its rocks. In a correspondence with the latter today about the just released drill results, I don’t have any worries from that point of view. [edit] Fund guy is also unwavering bullish.

Which means I don’t have worries from a technical point of view either, since we’ve been noting each week in NFTRH that a preferred buy/add opportunity would not arrive unless at least the gap is filled (happened today by a hair) and support is tested.

Today’s candle is a bearish engulfing one and those are significant to day traders in that their effect is really only for a day or two. If this one is to play out and live up to its name tomorrow would at least start as a down day. The next two key support levels are shown.

gbr.v

The weekly chart shows that measured one way the 38% Fib was registered today, while measured another way it would be hit at 6.10. Measured the first way, which I think works best, a 50% Fib would also be in that area (5.88), below which there is a shelf of support as you can see on the chart above. If the information on the drilling results is as I think it is and the story is intact, the 62% Fib at 3.95 and major support around 4 is probably a pipe dream unless the entire gold sector falls apart again (not currently expected).

great bear resources

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.