Westgold Resources (WGX)

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Westgold Resources (WGX): Signals

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TECHNICAL ANALYSIS SUMMARY

Westgold Resources (WGX.AX)


Indicator:

PRICE RANGE CHANGE


Last Signal:

BULLISH


Trading: HOLD @ $1.165
Signal Strength: WEAK
Recommendation:

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.


Westgold Resources (ASX:WGX)buyers are in control at the market close. There has been 2 consecutive days of prices closing in the upper part of the trading range for Westgold Resources adding strength to an uptrend in the first timeframe & highlights the commitment of buyers to carry positions overnight. Over the last 12 months there has been 4 trading days with the closing price in the upper part of the range giving a confirmation ratio of 1.5%. Over the last month there has been 4 trading days with the closing price in the upper range giving a confirmation ratio of 28.6%. Currently this quarter, closing price has spent 4 days in the upper price range compared to 3 days in the lower range giving a ratio of 1.3x.



Where the closing price fall within the day’s trading range highlights whether are in control.

[Calculations] Close Today Versus Range Today (CTRT):
1) When the closing price is near the high of the day buyers were in control at the close of the trading session;
2) When the closing price is near the low of the day sellers were in control at the close of the trading session;
3) When the closing price is near the middle of the day’s range where neither the buyers or sellers were in control at the close of the trading session;


PROFILE: Westgold Resources (WGX.AX)


Stock Exchange: ASX
Company: Westgold Resources
Ticker Codes: | WGX.AX | ASX:WGX |

About Westgold Resources (ASX:WGX):

Westgold Resources Limited engages in the exploration, development, mining, and treatment of gold assets in Western Australia. The company's principal assets include the Higginsville gold project, South Kalgoorlie gold project, Central Murchison gold project, Fortnum gold project, and Rover project. It also explores for iron oxide, copper, lead, zinc, and silver deposits. The company was founded in 1987 and is headquartered in Perth, Australia.

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