NFTRH+; Upcoming Buying Opportunity in This Gold Miner

Being a portfolio twittler, I of course started re-buying NGD too soon. But I am doing it with a trader’s eye for lower buy levels. A miserly trader will look to the 1.00 area (+/-).

Today NGD hit the 38% Fib retrace and support #1, where I added. In the trade log it was noted that the next support level is in the .90 to 1.00 range. There you can see lateral support, the 50% Fib, the SMA 50 (.99) and the SMA 200 (.92).

RSI and MACD look bad and that is in line with the buying opportunity shaping up. The sector is not yet indicated to have left correction mode so the above noted range looks very viable. As a side note, there are no open gaps left on the chart, which is nice.

ngd

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.