The stock price of the Canadian gold explorer Sitka Gold (WKN A2JG70 / TSXV SIG) shows a price increase in the six-month chart since the beginning of the year, with the stock price almost tripling by the end of April. While in January the area around the 200-day line offered massive support that led to the upward momentum, after the consolidation in May, it was already the 100-day line that caused the trend to turn upwards again.
Since then, the stock price has been running upwards above the blue trend line and has already been able to reach the 0.60 Canadian dollar mark intraday again, accompanied by a volume peak.
Average Lines in Sitka Gold’s Chart Continue to Rise Steadily
The 100-day line as well as the 200-day line are pleasingly continuing to rise steadily. Equally positive is the fact that the 100-day line consistently runs above the 200-day line – the upward trend stands.
The MACD indicator reported a buy signal at the end of May (the blue line crossed the red line upwards). This could also be observed with the stochastic (after the consolidation of the first days of June) yesterday again. Since mid-March (from the point of overcoming 0.40 CAD), the Chaikin Money Flow has indicated a continuous inflow of capital into the stock by its almost permanent course in the green area. The trend confirmer has now also managed to jump above 100 into positive territory again. The Overbought/Oversold indicator has now also sunk back into the zone where it has spent most of the observation period – after three peaks in the range of value 2, from which this indicator can be considered overbought. At about 0.8, it is clearly positive but not overheated in any way – there is still room for upward movement.
Remarkable from mid-March onwards is the coincidence of significantly higher volumes with (see Chaikin Money Flow) the capital flow into the stock.
