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Gold/Mining/Energy : Canadian Position Trading-looking for technical breakouts.
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To: burner who wrote (8)6/12/2000 12:34:00 AM
From: bill  Read Replies (1) of 128
 
I've been telling people on the SW thread about G.A since it was 9.75 but no one is interested. The OBV has been indicating a price rise for some time. The MA is positive, the MACD has crossed over just above the centre line. Volume is still low. The asks are getting hit and there is no rush to sell. If there is an upsurge in volume when they start mining at Red Lake in less than three months
(estimated two ounces of gold per tonne), the price should
pop. At the moment there is a rather tight descending wedge
which is bullish and indicates another move up. Maybe someone else could take a look at the chart and comment.
I'm no expert at TA. If I were, I wouldn't have forgotten
to check for divergence when I looked at the chart. The
oscillator is showing the stock was overbought before the descending wedge started but the lines are heading down steeply and should reach an oversold
stochastic without much more of a drop in price.

I know that gold is out of favour but here we are talking
about charts and, if I've got it right, the chart is indicating another move up. Happy to be corrected if I've got it wrong.

A blue chip that is showing what I think is a classic reverse head and shoulders is NSH. Both shoulders have now formed. The question is whether there has been enough increase in volume in the forming of the right shoulder to
justify saying that the shoulder is complete and that the
slight movement up is a precursor to another move. Like G.A
I own this stock so factor that in to my comments. All the
material I've read recently for NSH has been very positive
and the up movement seems to be reflecting that.
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