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Message: Oversold and on support

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CGB

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Oversold and on support

posted on Jan 24, 11 10:23AM (Log in to use the IP Check tool) ^[?]

Like many gold stocks of late, Yukon-Nevada has had a slow bleed as the price of gold has dropped. Many gold stocks are now in the oversold area and this is one stock that has potential here for a nice 50% gain. Its indicators are oversold and seems to have found support at $0.64. The high volume on Thursday, over 2.7 million shares traded, would support this as a potential turn around point for the next leg up move.

Entry would be just above the support/resistance line at $0.65 with a stop loss at below the 200 SMA line. Or alternatively, if the price of gold does not start to move up in the next week, wait for the 200 SMA bounce. First target from an entry at $0.65 would be the next resistance point at $0.88 for gains of 35.3%. My high target on this play is at $1.09 for a potential of 67.6% gains, but first wait to see where POG goes this week...

http://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=e6fd99c30b#YNG