NGD New Gold Weekly Chart Potential H&S

NGD was receiving attention the other day with lots of call buying interest. The chart is weak, however. The red lines show the negative divergence spank down that occurred in September. Oddly, MACD histogram printed a higher high (red circle) so price needed further buoyancy and NEM received this price rise in October. Moving forward watch to see if the 20 week MA falls under the 50 MA which is very bearish. The black lines show weaker indicators in concert with the lower low in price, bearish. The blue lines show an H&S pattern. A head at 14 and neck line at 9 targets 4 should the neck line fail. Watch the RSI 50% level closely. Projection is for price to move sideways to sideways lower for weeks and months to come. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.