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Chartseek Basic Newsletter - Tuesday 1/27/2015Pierce Wellington -GOLD DAILY- As expected, we should see some chop then the top, this may take several weeks. I don't see the price going much further than $1,350. If we start to see our divergences and a topping pattern, I will look for a low risk setup in the Example Portfolio(EP). For now we patiently wait for our Weekly Cycle top to form. (Click images to enlarge)
-GOLD WEEKLY- Nothing new in the weekly chart, we have to watch for the possible top.
-GDX DAILY- Like Gold we will watch for a divergence and signs of a top.
-GDXJ DAILY- I would believe the moves in gold and miners if GDXJ were more convincing. While GDX has mustered a move well above it's previous high, GDXJ is struggling to stay above it.
-SILVER DAILY- Silver is my favorite investment, as many of you know. This Weekly Cycle is nearing it's end and the easy money is gone for this move. We will look for a favorable short trade in the Example Portfolio(EP) as the top draws nigh.
Just for fun I wanted to look at a couple charts in the coal sector. Coal stocks have been utterly destroyed. Either, coal companies are going by the wayside or they are WAY oversold. This is an example why you don't catch a falling knife.
Walter Energy has been crushed. I don't recommend buying, I just wanted to illustrate why it is not wise buying before a confirmed bottom is in.
CLF, has been hurting too but it has history of going from $1.50 to $100. Will it do it again? Without a solid divergence in the MFI, I won't consider anything at this time but it is worth watching. Happy Trading, ### Pierce Wellington Disclaimer: Material distributed by www.chartseek.com have no regard to the specific investment objectives, financial situation, or particular needs of any visitor and or subscriber. This site and any material distributed by it are published solely for informational and educational purposes and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial We recommend that visitors and or subscribers consult with a licensed and qualified professional before making any investment decisions. www.chartseek.com and it's affiliates accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of the material on or distributed by www.chartseek.com 321gold Ltd |
