Australian (ASX) Stock Market Forum

WGX - Westgold Resources (1 Viewer)

Joined
Jan 9, 2008
Posts
68
Reactions
12
Haven't really followed WGX for a while, but has been on a up trend from the start of the year and looking like it will test resistance at $2.57, and potentially new highs. It will be interesting to see how this goes. I don't hold any of this stock.

Trav
IMG_20191103_200623.jpg
 
Joined
Jan 9, 2008
Posts
68
Reactions
12
Having a look from my post above WGX tested resistance at $2.50ish and failed to push through. It is back down at $2.00 and appears to be holding up as support, but is being tested.
Do not hold any WGX
Screenshot_2019-11-30-07-25-11-541_com.android.chrome.jpg
 
Joined
Nov 27, 2017
Posts
1,200
Reactions
1,853
- WGX up 7.1 % on Friday 21/2 to close $2.40, setting up opportunity for run at ATH $ 2.64
- also new hedging structure announced 18/2

upload_2020-2-23_16-53-36.png


Chart showing some significant areas signs of positive trend returning

upload_2020-2-23_16-58-40.png
 
Joined
Aug 21, 2008
Posts
820
Reactions
1,479
It does look promising @Trav. I was looking through some weekly charts for Peter's Bullish bars in a up trend. I've added a weekly view, I hope you don't mind.

Annotation 2020-02-23 225147.png
 
Joined
Nov 27, 2017
Posts
1,200
Reactions
1,853
@debtfree all good mate, more the merrier as sometimes i swear that i can hear an echo in this place.

I tend to focus on daily charts so always good to take a step back and look at the bigger picture .
 
Joined
Nov 27, 2017
Posts
1,200
Reactions
1,853
Half yearly Reporting....some good news for WGX but that AISC across the 3 operations is high

upload_2020-2-24_5-25-47.png
 
Joined
Mar 28, 2006
Posts
3,344
Reactions
750
Hasn't been much on this lately. This weekly EW pattern has got my attention.
(Disc - I do hold).

(click to expand)
WGX W EW 161020.png
 
Joined
Nov 27, 2017
Posts
1,200
Reactions
1,853
WGX has popped up on my scan again, and I have not entered for the second week in a row. Why - well I have exposure to gold in other companies and maybe I should move over here instead ?

Daily below

1609540395044.png


And who can argue with the following slide - All arrows pointing up! 🚀

1609540589162.png
 
Joined
Oct 19, 2005
Posts
999
Reactions
1,172
Something turned me off Westgold when I looked at it once but can't remember what. Never considered it since for a buy. This H1 report looks quite appealing - on the surface anyway.


Screenshot_20210223-171641_Drive.jpg
 
Joined
Jan 12, 2008
Posts
4,816
Reactions
10,226
Hi @peter2

I would love to know the reasoning behind the entry in WGX this week.

Westgold and I have some recent history. I've lost money in the last year trading WGX shares. I've noticed that the price swings wildly and can be volatile. Time it right and there's a good reward possible. Time it wrong or hold on too long and the losses can get big quickly. Last time I bought a little late and held on too long. Ouch.

However I did notice that WGX outperforms POG when it rises. The POG started to go up last Friday and WGX appeared in my high volume bullish bar scan Tues pm. If the POG continues higher I knew that WGX would rally as well. Bought some, but only a little for the spec portfolio.

This trade looks likely to fail as the POG drifted lower Thurs and was sold off harder Friday. Gold producers need the POG to rally to provide good RR opportunities. So far, gold has not rallied strongly.

wgx2802.PNG

I'm much more comfortable trading the POG itself rather than gold producers. Perhaps after this loss I'll stick to that.
 

Users who are viewing this thread

Top