Clive Maund - Wed, Jul 24, 2018

Gold Stock Showing Great Relative Strength

Technical analyst Clive Maund charts a gold explorer with projects in British Columbia that are getting a lot of attention.

Inca Trend

Juggernaut Exploration Ltd. (JUGR:TSX.V) is a bright spot in the precious metals space as it has shown remarkable strength in recent weeks, forging ahead even as the sector has weakened in response to falling metal prices. On its latest 6-month chart we can see that a fine strong uptrend has been in force driven by strong volume. The question for us now is whether this uptrend is likely to continue, because if it is set to, then we it will be worth us taking advantage of the dip of the past couple of days to buy it at a slightly better price in expectation of a resumption of the advance.

The answer to the question is that yes, it does look set to continue, for two important reasons. One is that the sector looks set to rebound imminently, for reasons that we looked at in my recent metals update, and when that happens Juggernaut will be "swimming with the tide" rather than against it.

The other reason is apparent on the longer-term 2-year chart, on which we can see that, while it may stop to consolidate here because it is at resistance approaching its 2017 highs, volume had been strong on the advance and has resulted in volume indicators rising to clear new highs and looking very strong indeed, which with the sector turning higher suggests that, despite the current overbought condition at resistance, Juggernaut is likely to break out shortly to nee highs anyway, and it is therefore regarded as a buy again here on the current minor dip. Juggernaut trades in generally reasonable volumes on the US OTC market, where rather oddly it is up today on very light volume, while being down significantly on the Canadian market. There are 80.6 million shares in issue.

Juggernaut Exploration website.

Juggernaut Exploration Ltd, JUGR.V, JUGRF on OTC, trading at C$0.50 at 11.50 am EDT on 24th July 2018.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click below for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Juggernaut Exploration, a company mentioned in this article.

Charts provided by the author.

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