Does Claude have the clout to break out?

Thank you for joining us in a technical look at Claude Resources (CRJ). Claude Resources is a junior gold producer that recently reported record production. There are several factors that make the company an interesting speculation.

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For one thing, shares are near their year high of 85 cents and have displayed impressive relative strength all year long. 

What's more, four different company insiders have added over 150,000 shares from August through November - a very positive indication, particularly for a small cap company. 

Most recently, we received yet another bullish nod in the form of a huge volume spike of over 9 million shares in a three-day period. Going back as far as June, there is no period with even remotely comparable trading volume. It's also interesting to note that between August and October, volume was almost nonexistent, and yet shares remained in a steady sideways consolidation - a very bullish sign. 

Considering the size of this most recent buy spike (especially in proportion to past trading volumes), one may well deduce this has all the earmarks of an institutional purchase - something to take note of.

Lastly, the aforementioned bullish characteristics are nicely mirrored by the stock's bullish technical indicators. For the stock's RSI is above 60 which is what we like to see in order for a stock to make a strong advance. And its MACD indicator is also sloping higher, with its faster blue line recently crossing above its slower red line, suggesting momentum is moving over to the buyers' side. Shares are also rapidly converging in a triangle pattern that's been taking shape since November, with a resolution expected perhaps within a week or less. 

Support is well-defined at 69 cents and resistance is at 76 where shares currently reside.

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