TSX Venture Exchange, Gold & Overall Markets
There’s strong technical evidence to suggest the Venture’s correction (10%) from its August high of 848 ended October 6 intra-day at 765, hence our Venture Alert Wednesday when the Index climbed back above 784 and proceeded to finish the week with a solid gain of 18 points or 2.3% by closing at 791. What’s even more impressive is that this advance came despite continued strength in the U.S. dollar, and gains were spread out over different sectors.
It was also an excellent week for the TSX which added 354 points or 2.3%, closing Friday above important resistance. It appears a breakout has occurred in the TSX, and that’s certainly positive for the Venture going into the final 6 trading days of the month.
Keep in mind that in each and every bull market year going back to 2003, the Venture has climbed powerfully from its 3rd quarter close to year-end. So it’s important to view the recent cooling off period for exactly what it was – a necessary pullback within an ongoing bull market to unwind temporarily overbought conditions, setting the stage for the next advance.
Today’s Week In Review and A Look Ahead includes the top 20 performers on the BMR Top Opportunities List last week, one of them being market darling Cannabix Technologies (BLO, CSE) which soared to a new all-time high of 80 cents before closing the week with a gain of 31.8%. The company has developed a beta 2.0 marijuana breathalyzer with major advances in the design and size of the device, and upcoming scientific tests will be used to prepare submissions for the Cannabix breathalyzer to earn designation as a court-approved device by the Minister of Justice in Canada and the National Highway and Safety Authority in the United States.
Click here to read the rest of today’s Week In Review And A Look Ahead, and learn more about where the Venture is headed in the coming weeks, with a risk-free Pro, Gold or Basic subscription featuring a 100% money-back guarantee, or login with your username and password.
Jon
What will be the catalyst in your opinion that’s gets OX to break out?
It seems to be very content trading between 4-5 cents
Thanks
Comment by GREGH — October 22, 2016 @ 3:50 pm
OX is looking very good, Gregh, with robust accumulation which is also moving stock into stronger hands. Higher Gold prices, news flow, more awareness – those are 3 catalysts I see clicking in during this quarter to allow OX to break out. That Gold corridor along the eastern side of Nova Scotia is certainly becoming more active and you’ve got major investors like Sprott paying attention to it as well, so things are definitely going to heat up.
One of these mornings we’re going to wake up, and kaboom – Orex is in lift-off. Definitely one of the most attractive Gold juniors on the Venture under a nickel.
Comment by Jon - BMR — October 22, 2016 @ 5:40 pm