Chart Update American West Metals: Gap Close Ahead

The Australian copper and base metal explorer American West Metals (WKN A3DE4Y / ASX AW1), active in North America, returned close to its previous low at the end of May, after a steep rise in April. This created a price gap.

According to chart theory, such gaps (unless accompanied by massive trading volumes—which is not the case here) tend to close again. The price action since the end of June seems to confirm this forecast. The second green trendline is steeper than the first, and according to the Chaikin Money Flow, capital is already flowing back into the stock (trend in the green zone)—and it’s increasing.

Recently, both the MACD and the Stochastic indicator also generated a buy signal (the blue line crosses the red line upwards).

The 100-day line is now barely falling (which is still the case for the 200-day line)—the stock price could signal an upward movement upon breaking above it and march towards 0.05 Australian dollars.

Chart of American West Metals — *Source: Comdirect*

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