Northern Dynasty Minerals
An under-$10 stock in the gold and silver complex that looks poised to trend higher from here is Northern Dynasty Minerals (NAK), which is engaged in the exploration of mineral properties. Northern Dynasty Minerals holds 650 square miles of mineral claims in southwest Alaska. This stock is off to a bearish start in 2012, with shares down by over 58%.
If you take a look at the chart for Northern Dynasty Minerals, you'll notice that this stock was slammed by the bears from March to late May, with shares plunging from over $7 to $2.25 a share. During that nasty move lower, shares of Northern Dynasty Minerals were consistently making lower highs and lower lows, which is bearish technical price action. That said, for the last two months this stock has started to mark a possible bottom, with shares trading between $2.20 and $2.94. This sideways price action is now setting up NAK to trigger a major breakout trade.
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