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Gold/Mining/Energy : McEwen Mining
MUX 19.04-1.2%Dec 12 9:30 AM EST
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To: go2hilt who wrote (17444)3/10/2017 8:30:27 PM
From: Robov1 Recommendation

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go2hilt

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Most technical indicators lag to some degree or another and so as you stated, by the time you get the confirmation to buy you've already missed a good portion of the move. This is why by buddy is always trying to drill into me the method of scaling in and scaling out.
For me at least I can look at a chart and see levels by looking left and into the past of the stocks price action where I can see good areas to add or sell. In some cases, as was the case at the 3.25 - 3.35 level a buy deep in that zone could have made a great day trade as price bottomed at 3.23 and hit a high of 3.53 for a .30¢ move.

flic.kr

flic.kr

And the next level highlighted was the 2.90 - 2.68 level and as you can see we only briefly touched this level hitting a low of 2.84. A demand zone combined with an oversold RSI. The candles tell a story of buyers and sellers. Looking at the chart you can see that it was all selling until we hit the 3.25 - 3.35 where the first batch of buyers were averaging back in. And then today as we hit the next lower level and bounce again as possible shorts covered and buyers stepped in. Do we continue higher from here or is this just a bounce.
Hard to say. Bankster's/Commercials may want a little lower yet and maybe deeper into the zone I highlighted on some of the more recent gold charts.

flic.kr

flic.kr

A the most recent chart of the pincher as it shows some signs of fading and possibly turning down. That said it could still zig and then zag back up and get even tighter.

flic.kr
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