Eldorado Gold with 300% still heading to the bottom

Canadian mining company Eldorado Gold Corp. was able to impress with an impressive performance of 300% since the opening low of $ 2.52 in the 2019 trading year. However, as can be seen from the following long-term chart, the share has so far not been able to free itself from the downward trend that has been established since 2011. But it seems only a matter of time. More on this, as always at this point, in the following conclusion. I would like to thank you in advance as an interested reader and I wish you and your family a gigantic new year!

 

Big Support

Recurring support around the $ 7.00 to $ 7.35 support zone raises hopes that the stock may break above the primary downtrend line in the near future. The consolidation, which has run from its annual low since the rally, is at a high level and supports this hypothesis. So at the start of 2020, you should definitely take a closer look at this stock. In the short term, a further upward movement up to the $ 10.00 mark would be expected with a daily close above $ 8.27. In this case, the chances of a successful breakout via the long-term downtrend line would also be given, so that medium-term gains up to the range of $ 13.00 and $ 13.50 appear conceivable in the further course