Goliath Resources Ltd V.GOT

Goliath: Strong break-out through the twelve-month high

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January 15, 2025

 

Buy signal of MACD indicator still valid

As announced in our chart check on December 16th, the share price of Canadian precious metals explorer Goliath Resources (TSXV GOT / WKN A2P063) has made a convincing upward turnaround. Starting in November, the 1.00 Canadian dollar mark (with one pre-Christmas exception) and ultimately the 200-day average, which has been breached several times but never significantly, have been providing massive support for the share price.

In the last two days, a dramatic upward impulse manifested itself with two of the three highest volume levels of the last twelve months, which led the share price above both average lines and – particularly relevant – also above the three-month top formation between CAD 1.35 and CAD 1.38. The previous twelve-month high was thus clearly overcome.

The 200-day line continues to rise steadily. Another positive aspect is the fact that the 100-day line is still above the 200-day line and has now taken its first upward step.

The buy-signal generated by the MACD indicator (the blue line crosses the red line upwards) from end of November is still valid – three attempts to generate a sell-signal failed (purple arrows). The more complex DMI is very positive, with the green line (now rising again) running well above the red line (falling again). The blue line indicating trend strength has risen sharply in the meantime. At the beginning of the year, the trend confirmer finally managed to break through the neutral 100 and enter positive territory – with a further upward trend. The overbought/oversold indicator, which is close to the overbought level of 2.0, could be a warning sign. The Chaikin Money Flow is also positive and has been back in the green zone for a few days, indicating an inflow of capital into the stock.