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Gary Tanashian
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Gary Tanashian is proprietor of Biiwii.com. Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' (http://biiwii.com/wordpress/about-nftrh/). Complimentary analysis and commentary is available at the public... More
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Biiwii.com's Notes From the Rabbit Hole
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Biiwii.com's Notes From the Rabbit Hole
  • KGN Tickles Target at All Time Highs 0 comments
    Sep 13, 2011 6:55 AM | about stocks: AKG, GLD
    I have not yet decided what to do personally, but traders should already have decided...

    From an NFTRH email update on Sept 6 (incl. the attached chart):

    "I wanted to update you on an interesting technical situation on Keegan Resources (KGN).  The daily chart is attached.

    KGN looks like it may want to play some catch-up as it is sneaking out of a downtrend line, up volume is strong, MACD has just gone zero+ and the stock appears to be under accumulation (by OBV).  Resistance is above at 8.50, with support at around 8 and just below.  A break of the resistance at 8.50 would probably propel the stock to new all time highs.  [edit: in the time it took to write this update, HUI has reversed to negative on the day, which is oh so predictable.  It does point out that patience is always a good thing with respect to gold stock buying.  i.e. don't chase them!]

    KGN is well financed I believe through a majority of the way to production, but is also a buyout candidate.  Liquidity is an issue with today's market and a well financed company with strong assets (Esaase gold project in Ghana) and no debt is notable.  Management is experienced and as you know, KGN is a long time core hold for NFTRH.  Please do your own research as this is not a recommendation.  It is a technical highlight on an NFTRH holding."


    Here's KGN now:




    http://www.biiwii.blogspot.com
    http://www.biiwii.com 
    Themes: keegan resources, gold, gold mining Stocks: AKG, GLD
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