Technical outlook – With technical analysis, I believe in keeping things simple, following the approach about the price action, which indicators you use, not deviate, and stick to them.
Viewing the potential strength to the daily pattern of Gold Road Resources Limited (GOR), the two technical indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have formed a marriage that supports both indicators to the bullish call.
With the established base slowly formed throughout October to December 2019, it is envisaged that this share price will continue to exhibit bullish behaviour and encounter further demand to strengthen prices to rise to a foreseeable target of $1.50. Reassess from there.
Company Overview – Gold Road Resources Limited (GOR) is a gold exploration company which owns tenements covering over 5,000sqkm of the Yamarna greenstone belt in Western Australia. GOR currently develops three project areas, namely, Gruyere, Attila Trend, and Central Bore Trend. Former Names: Eleckra Mines Limited (EKM), 3/12/2010