September 26, 2022 (Investorideas.com Newswire) With good news shown on Tuesday, Strikepoint Gold Inc. has piqued expert Clive Maund’s interest. Today he reviews the gold company’s 3-year and 6-month charts to tell you where he believes the stock is headed.
StrikePoint Gold Inc. (SKP:TSX.V; STKXF:OTCQB) was recommended on my site before the open Tuesday morning, partly due to good news released by the company early on Tuesday and partly due to it looking like good value at its current depressed levels following a long and quite severe downtrend from its highs at the start of last year, against the background of a sector now plumbing sentiment lows.
In the event the news had no effect, probably due to the broad market and the sector dropping quite hard again Tuesday morning, it is currently down half a cent on low volume, which is where it opened.
On its 3-year chart, we can see how the downtrend from the peak at the start of last year remains in force.
However, this downtrend has now been going on for a long time, and it has brought the price down to a low level in a zone of quite significant support, which is considered to have a good chance of turning it higher again, especially given the relatively strong Accumulation line and the rotten sentiment afflicting the sector which is at extremes typically associated with a bottom, and recent price/volume action suggests that it is basing.
On the 6-month chart, we can see the quite dramatic run at the falling 200-day moving average that occurred on strong volume at the end of July, which is a sign of a significant improvement in the fortunes of the company and the normal countertrend reaction back to support that has followed looks like a bull Flag, especially given the way volume has dropped right back and the Accumulation line has remained buoyant.
This suggests renewed advance, and in fact, it has already broken out of the countertrend Flag by moving sideways over the past week or two.
So, it looks like it will get moving anytime now and especially when the pressure comes off the sector.
Strikepoint Gold is therefore rated an immediate speculative Buy here.
Strikepoint Gold’s website.
Strikepoint Gold Inc. closed for trading at CA$0.075, $0.06 at 2.30 pm EDT on September 20, 2022.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Strikepoint Gold Inc. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: None. Please click here for more information.
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