CAY (ASX) bullish set upAlthough CAY ( ASX) is an information driven asset awaiting mining license, there is some bullish structure.
Currently the price is sitting at 0.045 this is insider price purchase and is holding steady.
After a large break to 0.078C currently price is forming a descending wedge on the daily / weekly.
If price can break-out and hold the daily 50ema: Potentially could see price go to 0.095.
- Remember currently nothing has been confirmed.
1 - We are awaiting break-out of wedge / 2 - and hold of daily 50 EMA.
- This is simply just a watch and wait strategy as there is good up-side potential on CAY if a breakout is confirmed and could potentially mean a mining license is close / if the structure is to complete.
CAY trade ideas
$CAY - CANYON RESOURCES - Bolly squeeze about to pop?$CAY - CANYON RESOURCES - Bolly squeeze about to pop?
Volumes up - might be about to make a move after tracking sideways and steadily contracting for quite a while. Its moved about its 20 and 50 day moving averages so showing some sign of life. Made a pretty good upward move last time it broke out so worth a watch over the next few days. Keep an eye on the Volume and more so the OBV for a bigger move. Good depth without many gaps on the buyers side so should give it a good base.
Canyon Resources Limited is engaged in bauxite and gold exploration. The Company is focused on development of Birsok Bauxite project in Cameroon. The Birsok project is located in central Cameroon and is contiguous to Minim Martap bauxite deposit. The Birsok project consists of over two permits covering an area of over 1,460 square kilometers and is located along raised plateaux. The Birsok project consists of two exploration licenses, the Birsok and Mandoum licenses, which are located in Adamawa bauxite province in central Cameroon. It has Taparko North project, Tao project, Derosa project and Pinarello project at Burkina Faso, West Africa. Its Tarparko North and Tao projects are along strike from operating gold mines Taparko and Essakane. Its Tao project lies in Gorouol Greenstone belt. The Taparko North project is located in Yalogo belt. The Pinarello and Konkolikan projects consist of over six exploration permits. The Derosa project consists of over six exploration permits.
