You might be thinking, did he just say that? Perhaps I should have phrased the title as a question rather then a statement. "Can you trade V.NES on Technicals?". But I won't. In anycase, you may think it is ridiculous but I'm always looking for new and exciting ways to loose my money in the Junior Canadian Mining industry. Anyways...Newstrike Capital. They have their Ana Paula project in Mexico which was all the rage when people actually seemed interested in gold, The yput out a number of really exiciting drill results then lagged around to any type of PEA, Pre-feas or NI 43-101 (although they just released their PEA last month, something I will write about shortly.)
Well, heres the chart, let me explain...
As can be seen, the chart has 3 secondary trends which are all very similar, in an overall uptrend which has gone on for about a year and a half. The trend breaks each time when it penetrates the upper bollinger; going down to retest the bottom trend line before breaking it as well. (If you really really wanted to stretch your TA one could almost make out the case of there being an upside down Head and Shoulders pattern.)
If the pattern continues, I believe it will make a higher low this time before moving back up. At what point, I can't say, but I'm going to take a guess at the 0.90 point...assuming things stay more or less the same. They had a good 43-101 report out a week ago which was generally well recieved and saw the stock up on the day, so there is a decent amount of new holders.
I like this stock, and I watch it constantly as it does go on these type of runs quite often.