Technical analysis: ELDORADO GOLD CORPORATION (#EGO)


Eldorado Gold Corporation is a Canadian company that owns and operates gold mines in Turkey, Greece and Canada. Since its merger with European Goldfields in 2011 the company has been pursuing the development of the Skouries mine, Olympias mine and Stratoni mine in Greece.


Eldorado Gold Corporation (#EGO) after reaching almost $ 15.00 at the beginning of the year has entered in a downward trend that we believe might have now found its bottom.

  • The stock stopped at $8.30, a strong area of support and resistance during May and June 2020

  • Positive divergence between RSI and Price: comparing the periodo July 2021 - present, the oscillator has been steadily reporting lower lows while the price has decreased almost 10%

  • MACD is well below 0 but has been almost flat during the last months

A close and consolidation above the 9MA would be a further indicator that the stock is on track for an upside.

First target just below the 50MA that could act as intermediate resistance

Entry range $8.40 - $8.80

Target 1 $ 9.70

Target 2 $ 10.50

Stop loss $ 7.70

OTB Global investments

16 August 2021

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