Will ELEM also break out through the 200-day average?
The share price of the Canadian gold explorer Element79 Gold (CSE ELEM / WKN A3EX7N) was unable to hold above the one Canadian dollar mark in the spring of last year and subsequently moved steadily downwards within the blue downward trend channel. In the last few days of January, the price managed to quickly and clearly overcome the 100-day line and the upper line of the trend channel, accompanied by significantly higher trading volumes. This means that the price has more than doubled since the November low – an attempt is currently underway to break above the 200-day line and then rise further. A small jump above the 200 has been achieved in the last few days and it remains to be seen whether today’s backtest back to this line will be successful.
The 200-day line is still falling, which is having a negative impact, but fortunately the 100-day line has started to move upwards again – albeit only minimally so far.
The MACD indicator recently generated a technical buy signal (blue line crosses red line upwards) and the trend confirmator also managed to jump back above the neutral 100 into positive territory with a brilliant rise, where it is currently continuing to rise. The Chaikin Money Flow already rose into the green zone in the last few days of November, indicating an inflow of capital into the share, and remained there until a short pause at the beginning of January. The overbought/oversold indicator reacted to the vehemence of the price rise with a peak in the overbought zone (above 2.0). However, this was quickly corrected – the indicator currently stands at 1.0 and is therefore clearly positive but not overheated.
Source: Comdirect
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