Regular Real Money subscribers may remember that Hecla Mines (HL) and Alamos Gold (AGI) are two of my "top picks" for 2023 and beyond. Another name that now looks attractive on the charts is Osisko Gold Royalties Ltd. (OR) . This company acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally.
Let's check the charts and indicators.
In this daily bar chart of OR, below, I see that share prices made a base during July-October. A rally got going in November and continued into March. OR trades above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line started a rise in late September and its strength confirms the price gains. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of OR, below, I can see that the shares have broken out over their 2021 highs. OR trades above the rising 40-week moving average line.
The weekly OBV line shows a long rise into April followed by a dip into October. The OBV line looks like it is rising again. The weekly MACD oscillator is bullish.
In the monthly Japanese candlestick chart of OR, below, I can see the trading history back to 2014. Prices are breaking out of a nine-year consolidation pattern.
The trading volume has been improving and that is good. The monthly OBV line is close to making a new high for the move up and the MACD oscillator is bullish.
In this daily Point and Figure chart of OR, below, I can see an upside price target in the $21 area.
In this weekly Point and Figure chart of OR, below, I used a five-box reversal filter. It is projecting a longer-term price objective in the $39 area.
Bottom-line strategy: Aggressive traders could go long OR at current levels risking to $13.50. The $21 area is our first price target. Our longer-term price objective is $39.
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