Is the share price for I Am Gold (IAG) Breaking Out? Some of its bullish trading indicators continue to align. I had a successful trade today, purchases shares at $4.78 and selling them at $4.98. I anticipate trading the stock more in the coming weeks.

This article will focus on some very bullish upside price targets for IAG. This includes checkpoints along the way for the trade as well as an overall upside price target.

So is the share price for I Am Gold (IAG) breaking out? Let’s see if that question can be answered with a little technical analysis on its stock charts. I have a good feeling there are clues that its share price has left behind.

IAG – Breakout Potential

This 2 year weekly chart with 2 Fibonacci Extension Tools overlaid on it. The black Fibonacci Extension Tool calculates to a very bullish Golden Ratio at $10.79 of a Bullish Impulse wave pattern.

Could the next leg of the uptrend be ready to make its move? If so, IAG’s share price formed Wave 1 and 2 in a larger Bullish Impulse wave pattern. It is now in the process of developing Wave 3.

So what is the importance of Wave 3 in a Bullish Impulse wave pattern? You can read about some of the Bullish Impulse wave characteristics[s2If !current_user_can(access_s2member_level1)] here….

If you want to continue reading this article for I Am Gold (IAG), you must first login. I look at some pullback areas to begin building a position in the stock as well as some of its upside target prices, both short and long term. There are some very bullish price targets that can yield some hefty profits, you don’t want to miss out on this article.

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)] here.

The MACD Histogram on this weekly chart looks bullish. It reflects increasing buying momentum as its share price is rising. The only thing concerning is the amount of buying volume the last 3 weeks.

Analyzing the Potential for an Extremely Bullish Breakout Using Fibonacci Extension Tools on a 2 Year Candlestick Chart

If buying volume does not pick up during the re-test of the previous high of $5.87, then I would expect the re-test to fail. However, if IAG’s share price activity includes increasing buying volume and buying momentum are both increasing, then the upside target can be slid up to the $8 level.

The Golden Ratio for this potential new uptrend that started in December 2016 is all the way up towards the $11 level. Let’s worry about getting IAG’s share price to the 100% Target Line first but there is potential for a double if buying volume starts increasing over the next couple of weeks. There should not be any slow down in buying volume with the weekly MACD Histogram if this scenario is playing out.

I Am Gold Breaking Out – Weekly Trade

Now let’s analyze a 3 month daily candlestick chart to look at some short-term daily activity and determine what actions to potentially take with I Am Gold breaking out (potentially).

If the breakout is in process, I would anticipate IAG’s share price reaching the $5.52 area by the end of this week. That would be the 50% Target Line from one of the Fibonacci Extension Tools on the above weekly chart.

A breakout should move swiftly up to that area this week. I hope to continue trading IAG until the end of the week.

Analyzing a Short-Term, 3 Month Daily Candlestick Chart for Breakout Potential

The MACD Histogram on the daily chart is also showing an increase in buying momentum, a bullish sign. If IAG is truly moving through a Wave 3 in a Bullish Impulse wave pattern, the stop at the $$5.52 area may be quick. Wave 3’s typically represent upwards and onwards price movement.

Anything less than that this week and we need to re-analyze and make sure IAG’s share price is still on trend as expected.

I Am Gold (IAG) Breaking Out – Summary

So is I Am Gold (IAG) breaking out? At a minimum, a trade back up to the $5.87 previous high looks very probable. After a consolidation that moved sideways the last 2 weeks, IAG’s share price appears ready to begin that move.

Use a scale-in process to get in on the trade, and maybe consider joining the trade this week. With a potential to re-test the $5.87 previous high at a minimum and a chance to have a huge breakout, the trade looks worth entering into at the present time.

I think “I Am Gold (IAG) breaking out” is in process and will be trading it this week, will you? Let me know down below or in the Idea Chamber!

Good luck trading!