Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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To: hubris33 who wrote (8633)	3/26/2006 7:30:53 PM
From: Helpdesk90	Read Replies (2) of 13449

Thursday, the P&F chart for $gold showed a continuation of the downtrend and targeted 495. Friday, the price of gold reversed and moved enough to show a new target of 590. Many mining stocks showed bottoming candles Wednesday and made nice gains Thursday and Friday. Silver kept moving up also and the charts of several silver miners are going parabolic. See for instance, SSRI, CDE and SLW. EGO appears ready to break a downtrend line that would also constitute a breakout from a falling wedge. It hasn't happened yet, but if this move in gold and the shares is real, then there is plenty of time to get on board. I like RGLD, a gold royalty company. RGLD is in a long term uptrend on the weekly with rising 20 and 40 smas. It touched the 40 sma and bounced on rising volume to almost clear the 20 sma Friday. The daily chart shows a downtrend channel that was broken Friday. It has a 20% short position of about 4 million shares. I bought it on the break of the swing high at 30.59 with a stop at the previous days low of 27.62 and a target of 4 to 6 bucks. I think that I can move the stop up tomorrow to the Friday lod just below 30.

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