Batero Gold – BAT.V is another Colombian gold mining stock I am watching very closely. Actually I was considering buying BAT.V as well when I initiated a position in CNL.TO – Continental Gold. I ended up only buying CNL.TO mostly because I am typically attracted by high grade gold stocks. That being said BAT.V – Batero Gold overall has a great looking chart and I believe both CNL.TO and BAT.V have the potential to end up being big winners like VEN.TO – Ventana Gold. As I recently updated the BAT.V chart on my public list I thought I’d write more about my thoughts.
Up-to-date BAT.V – Batero Gold chart on my public list.
As you can see in the chart we have a clearly defined ascending triangle pattern emerging. In accordance with classic technical analysis rules, the greatest odds are for price to resume the trend leading into the pattern. In BAT.V – Batero Gold’s case that means we should ultimately see prices move to the upside. Still, in my annotations I state I am not interested in buying weakness and instead prefer to wait for a better set-up and greater pattern pressure. To make a long story short, I am patiently waiting for a more opportunistic entry. Instead of going for value I prefer to pay more. A few advantages that come to mind:
- More buying pressure as more technical traders get involved.
- More confirmation as the ascending triangle proves to be valid.
- The precious metals sector has more time to build pressure ultimately ending up being the tide raising all ships.
Conclusion:I see the precious metals complex gaining more strength. Still the signals are mixed and confusing as lots of mining stocks are setting up bearish flags. My job is to prepare entries in stocks I deem to have great potential. I am not willing to enter BAT.V just now. But I might if the ascending triangle keeps building pressure and sets-up for a break out to the upside. Patience. Timing is everything.
www.baterogold.com:
Batero Gold Corp. (TSX-V:BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia’s emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold porphyry target centres. The Quinchia district and Batero’s project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network.
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My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469
Buenas noches!
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