From a technical perspective... gold has taken a broad market hit.... this has taken a toll on a lot of gold stocks aside from EVG... Technically EVG.T0 is more than extremely oversold... such that it would show a lack of skill to not mention it and to say that if you were interested in taking a position in one of many hit hard gold stocks that would allow for a lot of risk control to be enabled... this is the price range between .90 and 93 cents... there a couple of things that can be speculated on, and they are the recent gap down which is often seen as a signal itself for a bounce... as well there is lower bollinger break for 4 days, which in itself is extreme... and seen as an indication of a bounce... 98 % of the time... and the third signal is the white candle which is part of a 3 candle pattern called a ringed bottom... of the 3 candle pattern the middle is the longest down... this pattern holds the greatest value on an extreme down move relative to a recent high.
This makes .90 cents the cusp of a bottom... of course if the market spooks and turns early for gold ... it won't hold... in which case... mid to low .80's would be the next stop... The likelyhood remains to be seen, and the broad market is the key.
Evolving Gold
GLTA Lostoutwest
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