Very Enticing Technical Analysis For $SGO.v I think there may be a glimmer of hope on the horizon for those holding onto shares of Sonoro Gold (TSXV: SGO).
As the company’s shares retest bullish support at the 50MA for the first time in months, there are some interesting things to glean from the historic chart. The last time shares made a retest of support at the 50MA following a bearish trend, shares rose 156% to $.330. After that, when shares made a strong break above the 50MA again, shares rose 97%.
The current conditions appear quite similar to those in May/June 2020, leading me to believe that $SGO.v shares could once again climb to test prices in the $.33 region. Additionally, every time shares made significant gains, the movement was preceded by a cross of the 50MA over the 100MA. This is something that is about to occur again as shares are retesting the 50MA as support.
It’ll be interesting to see if this price speculation plays out. It’s worth taking a look at the chart to see what you can decipher from it. The company also reported multiple high-grade gold intercepts at its Cerro Caliche project recently, which adds some additional confidence to the price speculation.
$SGO.v is currently trading at $.185 and is valued at $22.06M.
https://ceo.ca/@nasdaq/sonoro-gold-reports-multiple-high-grade-gold-intercepts