International Gold Exploration 29.11.2007

Today we have a look at IGE. The stock price has been falling since May 2006 and is now in the lower end of the falling trend channel seen in the chart. Even though the trend is negative we now see a possibility for a rise up to the resistance line in the trend channel. Why we think this can happen is because of the positive divergence seen in the RSI chart. There is still room for a small fall in price as we see from the RSI chart. If the support level for RSI holds during a fall in stock price we expect a fall to about 1.58 NOK. On the other hand if the stock price start to rise we could set a target to about 2.20 - 2.30 NOK.