Both averages continue to rise

The share price of the Canadian gold explorer Sitka Gold (WKN A2JG70 / CSE SIG) made its way upwards, as announced in the last chart check on November 15, but narrowly missed the theoretical target (0.25-0.30 Canadian dollars) at CAD 0.235 – the upper trend channel line proved to be somewhat stronger than the price target derived from the flag formation. At the turn of the year, the consolidation phase began, which took the price back to the 100-day line and slightly above the lower trend channel line.

Both average lines continue to rise, which is just as positive as the fact that the 100-day line is still above the 200-day line.

The MACD indicator generated a technical sell signal at the start of the year in correlation with the price consolidation (the blue line intersects the red line downwards) and is currently at a one-year low. The same scenario applies to the stochastic indicator – although this indicator has already issued another buy signal (blue line intersects red line upwards). The trend confirmator has crossed the neutral 100 downwards in the course of the consolidation and is currently quoted in negative territory at 90. This is the value that was reached several times in the last 11 months when the lower trend channel line was touched and then led to a renewed price rise. Similarly, after the overbought/oversold indicator peaked in November (above 2.0), it is now close to the annual lows – it currently stands at 0 and should be viewed as neutral.

The image shows a share price chart with moving averages (100 and 200 days), trading volume, MACD, slow stochastics and an overbought/oversold indicator. It is dated February 5, 2024.
Source: Comdirect

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