NovaGold Resources (NG)
52-week Range: $4.98-$11.77
Three-Month Average Volume: 4,054,490 From a technical perspective, NG is ripping higher here, back above its 50-day moving average of $6.32 with decent volume. This move is a continuation of momentum from Monday when NG broke out above some resistance at $5.85 to $5.99 with above-average volume. Traders should continue to look for long-biased trades as long as NG is trending above its 50-day with strong upside volume flows. I would consider any upside volume day that registers volume near or above 4,054,490 shares as bullish. If we continue to see that trend, look for NG to easily hit its next major overhead resistance levels at $7.30 to $7.35, or possibly even its 200-day moving average of $8.18.