Sold 250 VEN.TO @ $7.89, Profit +2.4%

Ventana Gold Corp (VEN.TO) is testing its resistance at $8.00 corresponding to a 38% retracement level from the mid-June dive (Figure 1). Furthermore, gold is tracing an inverse cup-and-handle with a resistance at $1170 (Figure 2). So rather than wait and see if VEN can break upward, I decided to book my profit and watch from the sideline.

Ventana Gold Corp. (VEN.TO)

Gold (from Finviz)

The past few weeks have been difficult as I have had a series of losing trades. So I am playing it safe until my account can make a new high. Which is actually just a couple of percentage point away.

In any case, the profit for this trade is ($7.89 – $6.93) * 250 = $240 – $9.90 commission = $230.10 = +2.4% in account.

I can’t help but feel that VEN will continue its rapid climb for a couple more days. I am eyeing the 50% retracement level at $8.50 as an immediate target if VEN does break through.