Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

KGN Tickles Target at All Time Highs

|Includes:Asanko Gold Inc. (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: 
Stocks: AKG, GLD