Roebear, most timely to look at the charts you referenced.
Do I see anything bullish in the charts....? In some actually, yes I do...
XNG, I converted the chart to a linear form and put in a 18 week and 40 week moving averages...representing roughly the 100 day and 200 day ema...First the trend is higher with both of those averages rising and prices above the 100 ema as represented by the dashed green line...Price for the index has held at first key support at 275..All indicators are deteriorating and something around 260 would be my expectation by the end of January.
HUI, doesn't have the same positives as the XNG...close is below 100 & 200 moving average..Price remains above a long term rising trend line that comes in at 192.
stockcharts.com[h,a]wacayiay[pb40!b18!d20,2!f][vc60][iut!Ub14!La12,26,9!Lk14!Ll14!Ld20!Lo14!Lya7,14,28!Lw25!Lc20!Lf!Lg!Lyb20,2.0]&pref=G
Compq, price is above 100 and 200 emas as represented by the 18, 40 week emas...Obvious support from 1950 to 2050 is pretty obvious. Compq is in corrective mode..big volume down suggests the top of last week will hold for some time...
stockcharts.com[h,a]wacayiay[pb40!b18!d20,2!f][vc60][iut!Lb14!La12,26,9!Lk14!Ll14!Ld20!Lo14!Lya7,14,28!Lw25!Lc20!Lf!Lg!Lyb20,2.0]&pref=G
Generally speaking the picture isn't too very bright on a short term directional basis, especially for miners..Weakness looks to have a very good chance of extending to the end of the month. High Cash levels looks like the place to be, again, though I am finding a number of quite interesting opportunities in the ruins of this recent sell off, assuming we don't go into a demand reducing recession and full blown across the board market correction.. |
