AuRico Gold Inc. (NYSE:AUQ): Breaks Down From Critical Support Level

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Dallas, Texas 04/22/2014 (FINANCIALSTRENDS) – AuRico Gold Inc. (NYSE:AUQ) edged down on Thursday with a loss of 0.74%. The stock plunged during its intraday session, but recovered from $3.90 to consolidate at a modest level of $4.04.

AuRico Gold Inc. (NYSE:AUQ) broke its critical support level of its 200 day moving average on April 15, 2014; the 200 day moving average stands at $4.28 and is below its 50 day moving average of $4.70.

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The momentum indicators for AuRico Gold Inc. (NYSE:AUQ) on the daily charts are in the negative zone with a strong indication of a down trend, this implies the stock has a very bearish tone, the relative strength index for the stock in near its oversold zone with the curve in downward direction, this implies the stock may continue with the downward trend and see a trend reversal if the indicators turn upwards with healthy volumes. At the current levels the stock looks weak with a strong downward bias.

The technical indicators on the weekly charts also give the same picture; the stock has lost a substantial amount in the previous weeks.

From the current levels the stock has its first resistance around $4.71, a breakout above this level could see the stock test $5.25 which is its previous high on March 14, 2014 .On a downside from the current levels the stock has its first support around $3.90. And a close below this level would open the window for the stock to test $3.29 levels which was its previous low on December 16, 2013.

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(FIGURE): Daily Chart for AuRico Gold Inc. (NYSE:AUQ)

Latest Buzz

AuRico Gold Inc. announced on April17, 2014that the board of the company has adopted a new by-law that suggests requirement by the shareholders to send an advance notice to the company with regards to the shareholders intention to nominate directors. This decision was taken by the board for better corporate governance

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