On Victoria’s 6-month chart we can see that, like Orford Mining that we are also looking at this afternoon, the price went into a severe downtrend in mid-July that continued until early October. Also like Orford it has been basing in recent weeks, but while Orford has marked out what looks like a Flat Pan base, in the case of Victoria it looks like it is completing a rather fine Double Bottom. It already rose smartly out of the 2nd low of the Double Bottom about 10 days ago and in recent days it has been digesting this move and consolidating beneath the resistance that marks the upper boundary of the base pattern. There is still a significant gap between the price and the 200-day moving average which is a measure of how oversold it still is and momentum (MACD) is recovering nicely and is starting to enter positive territory.
Whilst we cannot rule out another minor dip, this is considered to be a good point to buy Victoria Gold here or add to positions, especially on any minor dips although there may not be one.
Victoria Gold Corp website
Victoria Gold Corp., VGCX.TSX, VITFF on OTC, closed at C$6.28, $4.64 on 24th November 23.
Posted at 4.40 pm EST on 26th November 23.