Rock Tech's Golden Era Might Be Around The Corner
Konstantin Kaiser | Jul 06, 2021 06:05AM ET
Rock Tech's (TSXV:RCK) chart looks promising. Is there room for growth?
RCK had a fantastic start in the year 2021. RCK surpassed its ath from 2010 and surged all the way up to $9, where it faced harsh rejection at the fib resistance at $8.
This significant fib level needs to be broken in order to confirm the bull trend. If so, RCK could reach its next significant fib level at $18, which is the next major target for RCK’s bull trend.
Furthermore, a tremendous increase in bullish volume showed up, which is generally a positive sign for the upcoming weeks to months. Nevertheless, if RCK should fail to break the resistance at $8 and turn to a bear trend, it finds its next significant support between the 50-month-ema at $1.62 and its last previous high at $2.24. The support level at $4.75 is rather small, however, still significant.
In addition to its bullish volume, RCK formed a golden crossover in the weekly chart during the peak of the bullish volume, which usually marks the beginning of a bull trend. For the moment, however, it seems very likely that RCK could fall back to its golden ratio support level at $3.6, where the 50-week-ema acts as additional support slightly below the golden ratio.
Furthermore, the daily chart also formed a golden crossover, which is a very positive sign. For now the correction target is at around $3.5, while the next bullish targets are $8 and $18.
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