Technical outlook – The technical make-up for Resolute Mining Limited (RSG), we believe, has ‘bottom-out’ (or found a base), from the region of $1.15 due to the rebound-breakaway gap on Friday. At present, the Moving Average Convergence Divergence (MACD) has broken over the 0.00 axis, along with “marrying-up” with the 3-day Relative Strength Index (RSI) lookback.
Therefore, we ascertain the bulls will gather in more significant numbers and lay the path towards the region of $1.38, with scope to $1.46. Reassess from there.
Company Overview – Resolute Mining Limited (RSG) is a gold mining and exploration company operating in Africa and Australia. The Company has operated nine gold mines which have produced more than 8 million ounces of gold. Resolute currently owns three gold mines, the Syama Gold Mine in Mali (Syama), the Ravenswood Gold Mine in Australia (Ravenswood) and the Bibiani Gold Mine in Ghana (Bibiani). Former Names: Resolute Limited (20/09/2001); Resolute Samantha Limited (RSG), 21/11/1996; Samantha Gold NL (SAM), 17/07/1995.