Sandstorm Gold (SAND) seeks to complete gold purchase agreements with gold mining companies that have advanced stage development projects or operating mines. This stock is trading up 9% at $12.32 in recent trading.
Today's Volume: 537,000Average Volume: 138,636 Volume % Change: 719% Shares of SAND are soaring today after the company agreed to a $75 million long-term precious metal purchase transaction with Colossus Minerals. >>5 Oversold Stocks Ready to Bounce From a technical perspective, SAND is gapping up huge here with above-average volume, and it's blasted into breakout territory with shares trending above some near-term overhead resistance at $11.19. This move has also pushed SAND into overbought territory, since its current relative strength index reading is now 82. Overbought can always get more overbought in the short-term for any stock. With that in mind, traders should now look for long-biased trades in SAND as long as it's trending above $11.50 with strong upside volume flows. I would consider any upside volume day that registers near or above 138,636 shares as bullish. If we continue to see SAND hold that trend, then this stock could hit $15 or higher in the near future.
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