Novagold Resources

Novagold Resources ( NG) is engaged in the exploration and development of mineral properties in Alaska and British Columbia. This stock closed up 4.3% to $4.07 on Tuesday.

Tuesday's Range: $3.91-$4.14

52-Week Range: $3.61-$7.73

Volume: 2.37 million

Three-Month Average Volume: 1.77 million

From a technical perspective, NG ripped higher here right off above some near-term support at $3.85 with above-average volume. This stock has been downtrending for the last two months and change, with shares sliding lower from its high of $5.03 to its recent low of $3.85. During that move, shares of NG have been mostly making lower highs and lower lows, which is bearish technical price action. That said, NG has now started to rebound off that $3.85 low, and it's quickly moving within range of triggering a near-term breakout trade. That trade will hit if NG manages to take out some near-term overhead resistance levels at $4.20 to its 50-day moving average at $4.39 with high volume.

Traders should now look for long-biased trades in NG as long as it's trending above $3.85 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.77 million shares. If that breakout triggers soon, then NG will set up to re-test or possibly take out its next major overhead resistance levels at $4.62 to its 200-day moving average at $4.88.

Pretium Resources

Pretium Resources ( PVG) is engaged in the acquisition and exploration of precious metals projects and gold resources. This stock closed up 4.6% to $7.85 on Tuesday.

Tuesday's Range: $7.58-$7.92

52-Week Range: $6.91-$17.57

Volume: 419,000

Three-Month Average Volume: 199,092

From a technical perspective, PVG bounced higher here right above some near-term support at $7.36 with above-average volume. This stock has been downtrending badly for the last three months and change, with shares plunging from its high of $14.46 to its 52-week low of $6.91. During that move, shares of PVG have been consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock has now started to bounce strongly off that $6.91 low and it's quickly moving within range of triggering a major breakout trade. That trade will hit if PVG manages to clear some near-term overhead resistance levels at $8.30 to $8.69 with high volume.

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