Fellow Investor,
USA Graphite (USGT) opened at a new high on Monday, touching $0.89 in the first minute of trading as investors reacted to Friday's news that the company is close to making an acquisition in Canada. The uptrend on the daily chart remains solid with higher highs and higher lows.
Volume was extremely heavy in the first hour of trading—more than 2 million shares—and could be on its way to a record today. After an early surge of buying at the open, the price has settled down in the $0.86 to $0.87 range with strong buying support from investors excited about USGT's prospects in Canada absorbing all of the profit-taking seen so far this morning.
If you are a student of candlestick charting, it is significant to note that the body of today's candle is above the body of Friday's candle, a very positive pattern.
Investors are very bullish about USGT's announcement that it is close to deciding on a graphite property acquisition target in Canada. With the price well-supported by buyers in the face of considerable profit-taking, a move through the $0.90 level this afternoon would likely bring out the momentum traders on the buy side, pushing the price toward $1
USGT is trading at new highs today on positive news and positive momentum and we think it can go to $2 very quickly so don't miss out!
Happy Trading!
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