Ducimus' TA on NAG.V
Some of you were asking for TA. I was up early this morning, so I had an opportunity to what follows together. I'm no ZETA, but here goes:
We find ourselves in an interesting configuration. Thus far, the ups and down have now clearly marked the uptrend channel, from the initial breakout to $0.384 in early May (which was incidentally THE buy signal) to now. The test will be to maintain ourselves into that general uptrend.
The best case scenario would be a reversal from here on good volume; thus giving credence to the uptrend channel (in dotted lines). Would that be the case, the dotted lines would become full lines and NAG would clearly demonstrates its strength... another buy signal would be given. The next step would be to attack the resistance in the $0.60 area.
Another scenario is a pullback all the way to the neckline at $0.32. This would also probably coincide with MACD reaching its own lower-uptrend line (also in dotted line) Given the current volatility and fear in the market; this is the scenario that is most likely.
On the negative side, a breakdown below this neckline would give a pretty clear sell signal, as the next solid support would be at the open-gap area at $0.15.
That's what I think anyhow. Good luck to us all.
North American Gem Inc. - 1 Year Chart
