Goldquest Mining Corp V.GQC

Alternate Symbol(s): GDQMF

Metals & Mining Industrial Metals & Minerals

GoldQuest Mining Corp. is a Canada-based mineral exploration and development company. The Company is engaged in the identification, acquisition and exploration of mineral properties. It is focused on gold and copper in the Dominican Republic. Its projects include Romero and Tireo. The Romero project includes its Romero and Romero South deposits, which are located within the La Escandalosa exploration concession of its Tireo Property, which has an area of approximately 3,997 hectares (ha). The Tireo project (also known as the San Juan concessions) is situated in the Central Cordillera of the Dominican Republic near the San Juan provincial capital of San Juan de La Maguan. Its other projects include Las Animas and Cerro Dorado. Its Las Animas project is situated approximately 100 kilometers (kms) north-west of the capital Santo Domingo. The Las Animas project comprises of over two claims. Its Cerro Dorado project is located in the Monsenor Noel province.

TSXV:GQC - Post by User

Goldquest Mining Corp

Bullboard Posts

Post by TommBombon Jan 13, 2011 12:46pm

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Post# 17966507

bullmarketrun.com GQC chart update

January 13, 2011
GoldQuest Begins To Stir Again: Chart Update
8:50 am Eastern
John: Yesterday, Goldquest Mining (GQC, TSX-V) gapped up at the open to 33.5 cents from Tuesday’s close of 31.5 cents. It then climbed to a high of 36 cents before closing at 35.5 cents for a gain of 4 pennies (12.70%) on higher CDNX volume of 308,000 shares.

Looking at the 6-month daily chart we see that GQC started a rally on November 24 and in 4 sessions moved from a low of 25 cents to a high of 37.5 cents. Since then the price has consolidated in a horizontal trend channel between 32 cents and 40 cents.
During the 5 sessions before yesterday the price hovered around the 32 cent level, the bottom of the horizontal trend channel. But yesterday the buying pressure and volume increased, causing the price to gap up 2 cents at the open. Trading was orderly during the day which is always a positive sign for a bullish move to continue. The base at 32 cents provides a strong support level. Also providing strong support is the SMA(50) moving average at 32.3 cents.
The next major resistance to the price move will be at the 40 cent level (blue horizontal line).
The Fibonacci levels at 61.8% (24 cents), 50% (22 cents) and 38.2% (19 cents) are also exceptionally strong support levels because they coincide with price pivot points.
Volume yesterday was the highest in the last 6 sessions, indicating that buying interest is picking up again.
Looking at the indicators:
The RSI has formed a bullish “W” formation with its base at the 40% level which is ideal to support a powerful move up. The RSI is pointing up at the 53% level, a very bullish situation.
The Slow Stochastics has the %K (black line) crossed up over the %D (red line) below 20%, also very bullish.
The ADX trend indicator shows the +DI (green line) at 26, crossed up over the -DI (red line) at 21 which indicates the trend has turned bullish. The ADX (black line) trend strength indicator is low and turned flat yesterday at 18 - a new bullish trend has started (weak at the moment). The primary trend for GQC remains strong.
Outlook: GoldQuest’s healthy technical condition supports the bullish fundamentals of this company. All indications are that this potential move will continue upwards to challenge the strong resistance level at 40 cents and then carry on to the Fibonacci level of 47 cents on condition the volume continues to increase. GoldQuest appears ready for another significant move.