Interest in the miners have dropped substantial on this board, ... like several said a week ago, ... a lot of weak hands have bailed, (which includes me), but I will reenter at some point, I just dont know which stock, or stocks,
By request of both my Sons and my Wife, we sold out all of our shares this week, we decided to take profit while it was dropping from its most recent high, we sold a bit at every failed support, much of it was purchased below $2.00, but I am always open to requests and opinions.
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Keeping an eye on Gold and the Markets gives us some clue to where things might be headed to and unless gold reverses higher and the markets start to sell-off harder, ... the miners could continue this weakness.
With that said, ... I will show you whats on my mind technically for MUX and I think the $2.30 area might be worth keeping an eye on.
I want to see how it handles the low $2.30 area, and I think you are less than a dime away from a move higher and by that I mean, the $2.30/35 area, ... and I dont know if its going to be a sustainable move higher (if you do move higher from that level), ... but you should be headed back to the $2.60/65 area next, and depending on how things work out at that $2.60/65 area, ... you could move back into the low $3s, like $3.10 or so, .. and go from that point.
I'm not trying to nitpick every little pivot or gap, but I need to be aware of its past, so I can make the best decision possible, ... I plan on adding a substantial amount soon, but I'm not quite sure of the stock, or stocks yet.
I see today's low is $2.36 now, its just a ¢ or two away from entering the gap in question, a close or even a drop below $2.36 today, ("without a recovery") will keep me from looking higher for now..
The daily is gap-less but has an outstanding pivot open yet, ... and other than the one at $2.24 (small purple line), I dont see any more below on the daily, unless you want to count the bar at the very very low of this chart.
If it does move to the $2.24 and drops below it, look for those two blue lines, they are support, just like this area is (red circles). A drop and close before the end of the month below today's low of ($2.36), opens the door to those blue lines, especially if the pivot is taken out, which MUX has been doing with ease.
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This is a 60-minute chart and we can see all the intra-day gaps here. I am not claiming that they are going to fill, but MUX holders need to be aware of where they are.
Other than where the price is today, ...We have the highest concentration of green volume left above the $1.96 area.
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