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I totally agree with you to be vey carefull with this one . I too got caught up in the hype of this one not knowing about company but believing that volume like that had to have something super going for it .
I got out wih a loss not that great but still a loss which I was lucky enough to be up on others to ease the pain . It seems Every one needs a good kick in the arse some times to be more carefull . And I never knew this company , and have no interest in this play at all , just thought I would jump on the bandwagon as seems to be with lots of others .
There is nothing wrong with this level for financing , hey , sure , more is always better but this pp is a sure thing and it will speed up the drilling big time to prove up a resource 43-101 compliant , and probably another 5-10 million ounces on top of that , that will have also to be made compliant but will have enough drill holes in there all ready to show it is there as similar to Long Bars 1 just meters away .
Many other very good projects were stuck for a year or 2 due to no financing and some times all it takes is gold to drop $150.00 or so just for a month or 2 even . That would also hurt SP albeit temporary but no need for that as if every one has done their proper dd we all should know this is a sure thing and all it needs is drilling .
And extra things like base line environmental studies , and other boring issues that we don't have to concern ourselves with as management has it all under control . All we need is assays . Just reread those last 2 or 3 NRs and it is screaming drill me north south east west , deeper , all over .
Osisco $14.00 a share with 4-5 billion market cap (around 350 million shares ) and we are just starting to come up behind them fast , and guaranteed they and others are watching us closely . 2 drills are going today 24/7 and now we know 2 more are coming soon with phase 3 starting soon and that is greater than 30,000 meters . They know exactly what they are doing and all we have to do is load up with shares and hold on to them because we are still at the bottom with a long way up to go while they make money for everyone involved .
You gotta just love those warrants that will put another > $4 mill in the coffers within a year of closing pp . Needless to say but I picked up more today .
Gold Bullion Development Updated Chart
We called it a “sell on news”. John, BMR’s technical analyst, calls it a “soak-up” – investors eagerly but patiently gobbled up Gold Bullion shares Friday as stock moved from weak hands into strong hands. GBB remains very healthy technically, underpinned by strong support as John explains below. As a new week begins, all of Gold Bullion’s major moving averages are in bullish alignment. The fundamentals are also strong with GBB demonstrating that LONG Bars Zone drilling is successfully expanding the Eastern Extension as well as currently targeting the under-explored and highly prospective northern half of the Preliminary Block Model:
John: Friday was a day of investor reaction for GBB after the long awaited news release. To some investors the news was disappointing but to many others it confirmed their belief (and BMR’s) that Granada will become another major gold deposit in northwestern Quebec.
The stock started trading at 67 cents, rose to 68 cents and then drifted down to a low of 60 cents before closing at 64 cents on a total volume (CDNX and Alpha) of 5.7 million shares. No, this was not a “sell-off “. It was a “soak-up”. All day long investors eagerly but patiently waited to gobble up stock from any weak hands. At the end of the day on the CDNX there were 324 lots on the bid at 63 cents and just 41 on the offer at 65 cents. Remember, there are a hundred reasons to sell but only one to buy.
The last GBB chart we presented was for Sept. 3, a weekly chart that showed a cup without a handle. This week we show that same cup on a daily chart but this time it has grown a handle. Looking at the 3-month daily chart above, we see the cup drawn in mauve lines and the handle in down-sloping blue lines. On Monday, Tuesday and Wednesday GBB gradually climbed to a new 52-week high of 79 cents which made the right hand side of the cup higher than the left hand side. This is unusual and it indicated the strength of the bulls.
Wednesday also saw the start of the formation of the handle with Thursday’s and Friday’s red candles taking the handle down to a low of 60 cents. The handle is a type of consolidation that occurs when a stock gets overbought and must unwind. The right hand side of the cup started at 50 cents on Aug 19 and as stated climbed to 79 cents. The Fibonacci levels (green horizontal bars) show that during this past week the stock has declined as low as the 38.2% level. With the buying strength shown last week I do not expect it to trade lower than 60 cents for this pattern to remain intact. The two horizontal blue lines are resistance levels at 71 cents and 79 cents, previous highs. The main support is provided by the Fibonacci 38.2% level and the SMA(20) which is also pointing up.
Looking at the indicators:
The RSI has fallen below the overbought region to 52% and also shows that a divergence occurred with price as shown on the chart. This gave forewarning that the handle would form. The support level is at 40% (horizontal orange line). The higher than normal trading volume in the last few days shows a “changing of the guard” so to speak of some stock. This is healthy and should not cause concern with the stock at these levels.
The Slow Stochastics has fallen below the overbought area and is still dropping, so expect more consolidation at least for the early part of next week.
The Chaikin Money Flow (CMF) was green all of last week, even during the formation of the handle. This shows the strength of the buying pressure.
Outlook: The chart and the indicators show that we can expect more consolidation in the handle during next week until the overbought condition has been completely or largely unwound. Of course, in the midst of a major drill program, there’s always the possibilty of a pleasant surprise, so we can’t rule out the possibility of more volatility – in this case with an upward bias given the clues we received in Thursday’s news release. The stated support levels should hold. This is just another step in the process of Gold Bullion developing a major deposit at Granada.
Sounds good as with this reliable management we can be assured they are not wasting any time moving the project forward in all aspects , while we can still look forward to the all mighty exciting drill core NRs .
They keep proving they are always 1 or 2 steps ahead all the time . Which means maximum value will always show in the stock price . Very good news .
Traded 3,764,116 shares of GBB which is close to half of the roughly 8,500,000 shares traded on the Tsx-v which gives us roughly 12,250,000 shares total of GBB just last week .
I'm looking for a very explosive move to the upside shortly as all the ducks are lining up . When you start geting a massive open pit deposit 5 kilometers from the mining town Rouyn-Noranda or 1.5 kilometers from the village of Granada , every exploration dollar spent get's the company back over 40% return from the friendly Quebec government .
Previous operating mines in Quebec get permitted in a heart beat , and open pit mines production can be calculated with great precision , so just a few more reasons why we are moving up quickly .
Link to Alpha if you want to see for yourself . http://www.alphatradingsystems.ca/alphaportal/tabid/468/Default.aspx
How's it going Don ! Thanks for the chart discription . I have also noticed fundemantals allways trump charts as this gold bull is hot to trot .
2.5 million ounces are getting 43-101 compliant , nr next week with some drill core being released and ever expanding the E/NE section outside the block model , and you also need promotion to get the word out which GBB has been half way around the world allready and you can only promote good projects or why bother .
The way I see it is the cheap shares are being bought right now with NR coming pushing , pulling GBB to the next levell , and dont forget 30,000 meter stage 3 drill program will start continous with compleation of stage 2 drill program . Plus there will be winter drilling so GBB is going full steam ahead with no slow down . Just adding more gold .
So if you ask should I sell something to buy more GBB , I t's your call , but I did allready adding to my holding's .