Eldorado Gold Corp. (ELD.TO) - March 13, 2023 (Daily Stock Report)

by SIACharts.com

Amid growing concerns about the health of the US banking sector, gold and gold producers have been attracting renewed interest from investors. Eldorado Gold (ELD.TO) had soared up the rankings back in November driving up from the red zone to the Green Favored Zone. Since returning to the Green Zone, the shares have returned 11.8%. On Friday, Eldorado climbed 2 spots to 19th place.

Last summer, Eldorado Gold (ELD.TO) shares established a base of support near $7.00 and since November, they have been under renewed accumulation. Over the last five months, a new uptrend of higher lows has emerged and the 50 and 200-day moving averages have completed a bullish Golden Cross.

Recently, the shares have been trading in the $11.25 to $13.50 range with initial support at the 50-day average near $12.25. A breakout would signal the start of a new up-leg with potential upside resistance tests on trend possible near $14.50, $15.75, $17.00 and $19.00, all based on measured moves, plus the $15.00 round number.

Since breaking out of a base in November, Eldorado Gold (ELD.TO) haven’t looked back, starting with a big High Pole rally that snapped a downtrend and completed to bullish Spread Double Top breakouts. Following a moderate correction, the shares have broken out again this month, completing a bullish Double Top and a Bullish Catapult.

Previous column highs suggest potential upside resistance may appear near $15.50 or $18.85, with a horizontal count suggesting possible resistance near $16.45. Initial support appears near $12.20 based on a 3-box reversal.

With a perfect SMAX score of 10, ELD.TO is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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