USGT Breaks Out Of Range!
USA Graphite (USGT) shares have broken out above the wedge pattern on the daily chart to close at a new high of $0.70 in active trading on Monday. Even though the trading day was shortened with the market closing at 1:00 PM this Christmas Eve, USGT has been actively traded with more than 600,000 share changing hands. Did you take advantage of last week's base-building to buy USGT while it was still cheap?
Investors are excited about the exploration update issued by USA Graphite management after the close on Friday. Management outlined its exploration program for its Blue Wing Mountains property for the first time. USGT is on its way to $1.00, $2.00 and beyond. You have already missed your chance to buy USGT below $0.70. Don't wait for the share price to hit $1.00 before you take action.
Management said that it plans to perform a bulk sampling and detailed mapping study of its Blue Wing Mountains graphite property during the first quarter of 2013. "The sampling program and mapping study will further define the scope and size of the tonnage of high quality graphite present at the Blue Wing Mountains graphite project," the press release stated.
"The data yielded from these studies will be used to assess and define a trenching exercise followed by an aggressive drilling campaign," the press release continued.
"We are extremely excited to get to work on our flagship Blue Wing Mountains project," said Wayne Yamamoto, USGT CEO. "We are committed to bring high quality graphite to commercial USA markets. We will keep our shareholders informed with each step we take forward."
Today's price action on the daily chart was an absolutely classic bullish breakout from a wedge pattern. The price broke out above the top of the wedge pattern on big volume—even given the shortened trading hours today.
On the intraday chart, the price closed at the high of the day—a very bullish pattern—and the positive price action was confirmed by increased volume.
USGT is heading higher as investors digest the positive news out last Friday. Everything on the chart looks positive. Don't miss out on the opportunity to buy USGT while it is still under $1.00. Next week might be too late!
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