Continuing to see a few more setups in the junior gold exploration sector. Next up is Auryn Resources Inc. (AUG), a junior mining exploration company engaged in the acquisition, exploration, and development of mineral resource properties. Its principal mineral properties are the Committee Bay gold project located in Nunavut, Canada and the Homestake Ridge project located within the Iskut-Stewart-Kitsault belt, in northwestern British Columbia.

Plotted against the Nasdaq 100, we see that AUG has broken out of a 10-month double bottom pattern. A backtest of the breakout occurred last week. On AUG’s nominal price chart, we see a possible reverse cup and handle pattern with neckline breakout and backtest occurring over the previous three weeks. Price target of 2.15 which gives a possible 29% upside from current prices. Traders going long on AUG can use a weekly close below 1.5 as a possible stop. Bring your own fundamental analysis and good luck! -Harry