When we last looked at West Point Gold Corp. (WPG:TSX; WPGCF:OTCQB) early in January, the picture was described as “entirely positive.”
Since then, its stock has broken out of the rectangular trading range that we had delineated at that time.
It has since forged ahead on persistent strong upside volume.
We can see this all on its latest 6-month chart below
The purpose of this update is to point out that while it is now substantially overbought on a short-term basis and thus may need to consolidate for a while, price / volume action is very bullish indeed so we can expect this still young bull market to continue.
The long-term 6-year, 6-month chart reveals that, despite the gains from the December low, it has still not broken out of the large base pattern that has formed from the Spring of 2022 beneath the important resistance level shown. Once it does, we can expect to see the rate of advance accelerate.
The conclusion is that West Point Gold is building up to breaking out of a large base pattern that is expected to lead to a major bull market with volume indications most favorable.
As it is short-term overbought, we may see a period of consolidation, perhaps involving a modest correction, which would provide an opportunity to buy or add to positions at an even better price.
As for price targets:
- The first target is CA$0.50 (which it reached today!).
- The second target is CA$0.76.
- The third target is CA$1.28-CA$1.35.
West Point Gold’s website.
West Point Gold Corp. (WPG:TSX; WPGCF:OTCQB) closed for trading at CA$0.47, US$0.3278 on February 14, 2025, February 17, 2025.
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The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.