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Ely Gold Royalties Inc is an exploration and development stage natural resource royalty company. It is engaged in the evaluation, acquisition, exploration, development, and sale of natural resource projects and royalties. The company is currently focused on purchasing royalties and selling its gold projects, with the potential to generate royalties, in the United States and Canada. It holds an... see more

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Ely Gold Royalties Inc > Some TA for those interested

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Post by feenewbie on Jan 21, 2021 2:49pm

Some TA for those interested

Thanks Trey - always appreciate your coming on board to clarify matters! Think you are executing very well.
Now for some TA (yes ShylockReturns, much to your disdain lol).

The big picture in 2020 is that Ely had a huge bearish head and shoulder technical pattern from July to the middle of September, where it bullishly bounced off of the 250 ema after a big sell-off. It should be noted that all stocks eventually return to their 250 ema and prices significantly higher/lower are investor emotion/sentiment and/or news driven. The second negative technical event was a death cross mid November, which dragged the stock lower, It then bounced to regain the 50 ema and bounced from there as expected to regain the 200 ema. But the 200ema was also resistance, and that price move was invalidated = price retreated to fill the gap up left from the 50 to the 200 day move. It retreated backed down to support, filling a gap from mid May/20 @ ~$1.04, There is a further small gap down from May/20 @ ~$0.94 that may/may not get filled (80% of gaps get filled sooner or later, so it's great to get them filled and move on - if it happens it would be a great entry/adding point).

Looking forward (from a TA perspective). There are Pivot levels at $0.91(gap?), $1.02 (already cleared), $1.15 (reclaiming 50 ema of $1.13) bounce from there to test 1st resistance at $1.26, if successful then test 200 ema at ~$1.32 (we have already tested 200 ema twice - 3rd attempt is usually successful) then test 2nd resistance at $1.39 before a larger move up. Those are the hurdle levels - can be done quickly or in steps (price of gold/news.etc.). Ely's price moved up so quickly that a pullback was inevitable. Now that we have tagged the 250 ema, hopefully we don't see it again for quite some time down the road, where it will hopefully be significantly higher in line with a rise in the stock price. Great prospects for those with patience! Tried to keep it as simple as possible. GL all.

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