Gold Road Resources (GOR.AX)
OPEN CLOSE CHANGE
Trading: SELL @ $0.68
Signal Strength: MEDIUM
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Gold Road Resources (ASX:GOR) opened in the upper part of daily range at 100% & closed in the lower part of the trading range at 0%. This suggests the sellers were in control all day. Over the last 12 months there has been 2 trading days with the opening price in the upper shadow & the closing the price in the lower shadow giving a confirmation ratio of 0.8%. Over the last month there has been 2 trading days with the opening price in the lower upper range & the closing the price in the lower price range giving a confirmation ratio of 13.3%.
The opening and closing bar positions can add depth to assess whether buyers of sellers commitment is changing and thus which side is in control at the close of the trading session.
Calculation: Open Today Versus Close Today (OTCT):
1) If the market opens near the low and closes near the high the buyers have had control during the entire day;
2) If the market opens near the high and closes near the low the sellers have had control during the entire day;
3) If the market opens near one extreme of the range and closes near the middle of the range the side who started in control has lost commitment;
4) If the market opens near one extreme and closes near the same extreme the side who started in control has lost control;
5) If the market opens near the middle of the range and closes near one extreme control has swung to the buyers;
6) If the close is near the high and if the close is near the low the control has swung to the sellers;
7) If the market opens near the middle of the range and closes similarly neither side is strongly committed;
PROFILE: Gold Road Resources (GOR.AX)
Stock Exchange: ASX
Company: Gold Road Resources
Ticker Codes: | GOR.AX | ASX:GOR |
Gold Road Resources Limited, together with its subsidiaries, engages in the exploration and development of mineral properties in Australia. The company primarily explores for gold deposits. It focuses on developing the Yamarna Belt comprising Gruyere, Central Bore, and Attila projects, which covers an area of 6,000 square kilometers located to the east of Laverton in Western Australia. The company was formerly known as Eleckra Mines Limited and changed its name to Gold Road Resources Limited in November 2010. Gold Road Resources Limited was incorporated in 2007 and is based in West Perth, Australia.
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