High River Gold Mines Ltd HRIVF

Falling Wedge forming, potential for pop

[TAPicks]

So let's talk High River Gold... Not many stocks these days fall into my Falling Scan showing up as oversold, but High River Gold this week. On the daily chart, it's forming a falling wedge and the 200 SMA is not too far away. I might be a little early on this call as the apex of the falling wedge looks about a week away and it also coincides with the long term trend line and 200 SMA.

So for now I would simply put it on your watch list and keep an eye on it.

The prudent play here would be to wait for a breakout of the falling wedge which should be around $1.15 and my first target on it is $1.27 for gains of 10.4%. Second target is at $1.38 for gains of 20% from breakout. The aggressive play would be an entry here with a stop just below support at $1.05.

For chart see here https://us1.campaign-archive2.com/?u=4d6d491aea8e01d93d8a1f390&id=c167399b56

Cheers!