What a day for gold stocks. Was this a selling climax?
I've taken a beating on AZH in recent weeks, and have sold half my holding, thankfully some in the 60s. It's still above my average entry price but my (paper) profits have been smashed.
Aside from AZH still having a great project in a stable and mining friendly country, there is one possible ray of hope on the chart...
That is, today it tested - and bounced up from - the 61.8% retracement of the entire 2009-2012 rally from 3.7c to 99c.
The 61.8% level is 40c - it touched 39.5c today before bouncing some 10% (still finishing down on the day unfortunately).
So perhaps we will see a bit more of a bounce from here? Whether any such bounce will simply provide a selling opportunity, or signal a resumption of the uptrend, I'm not bold enough to speculate.
AZH Price at posting:
44.0¢ Sentiment: Hold Disclosure: Held
