Eldorado Gold (ELD.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report after jumping 42 spots yesterday and 94 spots in the last week.
Eldorado Gold (ELD.TO) has come under renewed accumulation in the last few days, snapping out of a short-term correction, advancing on increasing volume, clearing $16.00 and advancing toward the top of a $13.00 to $17.50 trading range. A breakout over $17.50 would signal the start of a new upleg with next potential resistance near $19.00, the $20.00 round number and $21.00 on trend, based on a series of measured moves. Initial support appears near $16.00, a recent breakout point.
Building on a recent bullish Triple Top breakout, Eldorado Gold (ELD.TO) broke through $16.75 to a new 52-week high yesterday, completing a bullish Spread Double Top and signaling the start of a new upleg. Next potential resistance appears in the $19.60 to $20.05 area where two horizontal counts and a round number converge, followed by $21.65 based on a vertical count. Initial support appears near $15.80 based on a 3-box reversal.
With a perfect SMAX score of 10, ELD.TO is exhibiting near-term 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.
