Sandstorm Gold

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Sandstorm Gold ( SAND) is a growth focused resource based company that seeks to complete gold purchase agreements with gold mining companies that have advanced stage development projects or operating mines. This stock closed up 6.1% to $5.51 in Tuesday's trading session.

Tuesday's Range: $5.24-$5.54
52-Week Range: $4.71-$14.76
Tuesday's Volume: 729,000
Three-Month Average Volume: 685,886

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From a technical perspective, SAND ripped higher here right above some near-term support at $5 with above-average volume. This move is quickly pushing shares of SAND within range of triggering a near-term breakout trade. That trade will hit if SAND manages to take out its 50-day moving average at $5.75, and then once it clears some near-term overhead resistance at $6.21 with high volume.

Traders should now look for long-biased trades in SAND as long as it's trending above some near-term support at $5 and then once it sustains a move or close above those breakout levels with volume that hits near or above 685,886 shares. If that breakout hits soon, then SAND will set up to re-test or possibly take out its next major overhead resistance levels at $7 to $7.50.

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