Continental Gold Limited New CGOOF

Betting On Colombia’s Next Ventana

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CNL.TO Continental Gold (TSX) – Betting On Colombia’s Next Ventana

by Olivier on

Today Eike Batista made an offer to buy out VEN.TO – Ventana Gold. This sparked a rush into Colombian Gold mining stocks. My favourite is CNL.TO – Continental Gold which I bought today. I planned to wait and give the pattern more time to set up but changed my mind when I saw the news about VEN.TO. Looking back I probably wasn’t patient enough with my entry. Then again hindsight is always 20/20. That being said the chart looks great. The overall pattern is extremely bullish. Today’s lack of follow through after the initial thrusting move might be a potential red flag. We’ll see what happens. My stop loss will take care of everything.

Up-to-date CNL.TO – Continental Gold chart on my public list.

The volume coming into the stock is a good sign. It will attract traders scanning for above average volume which ultimately will increase the stock’s visibility and liquidity. An obvious price target should be 10$ as round numbers tend to act like powerful price magnets.

Right now this is the best looking chart of all the Colombian miners out there. I believe odds are great for CNL.TO – Continental Gold to be the next Gold mining superstar in Colombia.

As opposed to GSL.TO – Greystar Resources and GWY.V – Galway Resources this is a ‘new story’ and those tend to be the best performers. As you can see the stock is very close to its all time high. This is typically a very bullish situation as there is no overhead resistance. A breakout to new highs implies a technical price target around the 10.00 –10.50 level. Today I put my money where my mouth is.

And so did I!
GLTA!