Video NXG: Trader Radar Northgate Minerals Corp.
byon 12-01-2010 at 10:31 AM (865 Views)
NXG (AMEX) : Northgate Minerals Corp. 9-30-2010
On Tuesday, Northgate Minerals Corp.NXG (AMEX)
Closed @ 3.01 after opening @ 2.91 crossing its 200 DMA. Technical analysis is suggesting early confirmation and a high probability a new uptrend will ensue. In the intermediate term the stock looks to be going parabolic and would watch the previous highs in the 3.59 for a true short term break-out.
In addition, a possible Golden Cross set up could develop in the short term, when the 50(MA) crosses back up over the 200 (MA). Should this occur it would produce a bullish technical move and the 52 week high of 3.59 could be tested. Breaking that resistance area finds next resistance at the 3.75, 4.0, and 4.82 levels. With the Gold Chart also setting up for a another move higher NXG might be one you want to put on your Trader Radar this week. As the dollar nears it's short term top, we feel Gold will be making a significant move higher in the coming sessions. NXG could be a great vehicle in the Gold sector as Gold resumes it's bull run....
trade well, prosper and support your wakingthebull community
""We are excited to have completed the 2010 drill program at Kemess
- Northgate Minerals Successfully Completes 2010 Diamond Drill Program at Kemess Underground
Underground, which has exceeded our expectations" commented Ken Stowe,
President and Chief Executive Officer. "Now that all assay results are in
hand, we see further confirmation with hole KN-10-13 that a compact,
continuous higher grade zone exists beneath the eastern third of the resource
area currently being considered for a bulk underground mining operation. The
2010 results from the higher grade sector consistently exceed grades for both
copper and gold when compared to the 2005 resource model. We now look forward
to completing a new underground resource estimate, which is expected early in
the first quarter of 2011 and will support studies to determine the economics
of the potential underground mine at Kemess."Overview of the Kemess Underground Project and 2010 Exploration Program"