Bill CarriganPelangio Exploration LtdPX.VDON'T BUYAug 11, 2006
Had 2 highs, one in May and the other just recently. Trend line shows in a still in an uptrend. His only problem is that when he uses a MACD, it is showing a negative divergence, which is usually a set up for a down side. Would worry about the stock.
Likes the chart. Had consolidation at around $.30/.40 in 2005 fold by big growth and more consolidation in 06/07. Has changed from a penny stock to more of a player. Looks like another consolidation has begun. Probably hasn't a lot of downside based on its past. On a down side, be really careful if it goes back down by $1. Use a tight stop.
It owns half of Detour Gold Corp (DGC-T) and has quite a significant holding in Africa. Undervalued relative to Detour. A good leveraged way to play the gold market.
Have some very good connections in Ghana, which is the best destination on the planet for gold. Also has a project at Detour Lake. A very interesting junior.
(A Top Pick Sept 25/06. Down 19.9%.) Made a good move by selling Detour Lake property and keeping 47% interest in it. Now exploring/developing one of the more exciting global exploration plays in Ghana.
It is a mining company with enormous upside potential. Has an agreement with Hunter Dickinson group which will allow them to do more exploration. Could be operating a world class open pit.
Tradewinds is drilling on their property at Detour lake and have had some interesting results. They have aslo taken an initiative to move into Ghana. An interesting junior stock.