Wednesday Dec 20th – What I’m Watching Today

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DJIA – Here we see the DJIA had a down day yesterday, and that puts a swing high in place on day 22, but…

 

SPX – We have seen swing highs in the recent past, it needs follow through to become confirmed. Friday did have a high volume spike, which can mark tops, but it was also an expiration day, and that may be an extenuating circumstance – time will tell.

WTIC – Oils COT has not changed, but Oil actually looks like it is setting up to break out. I still have to wonder if Oil wants to tag $60 before rolling over. I’m not short or long. Today is OILS INVENTORY report.  Looks like do or die, that is something that I am watching.

USD – The USD still struggles under the 50sma, and seems to be forming a Head & Shoulders. If this breaks down, Gold could break higher, above recent resistance. That is something that I am watching .

 

GOLD – Gold is under 2 resistance areas, so that is something that I am watching. Coming out of an ICL, it can just burst higher or it may go sideways for a bit ( Even drop to the 10sma) and then break out, but I WOULD expect a break out if we just put in an ICL  (which I believe we did). Watch $1269 and $1277 for a break out

GOLD – A push back above this line is Bullish, and I would view it as a shake out. Getting above the 50sma is what could add confidence and  draw in more buyers.

 

SILVER –  This Silvers wedge could be a bear rising wedge, but it doesn’t look like one.  We should know today, because it is at the APEX, so that is something that I am watching. A break higher should run to the 50sma and a break lower will be watched around the 10sma.  It looks like it wants to just run higher.

 

Again, Silver looks like an inverse H&S longer term

 

GDXJ – I used GDXJ, because it already broke both of my downtrend lines ( A conservative and a newer downtrend line).  I had a solid position of JNUG yesterday and sold a portion at this resistance  JUST IN CASE IT DROPS TO THE 10sma & Back tests the trend line. I will re-buy there, but this also might just break higher, so I am still positioned.  This is something that I am watching.

 

HUI – This is the HUI with the same wedge – like trend line, or a conservative one ( Magenta), but it is right at the break out point too.

I still like the set up in the Precious Metals, and those are the areas that I am watching today.

 

 

AG #1 – First Majestic is a silver stock that I always liked because of their management team. It has struggled under the 200sma for over a year, but guess what?

AG #2 – I also see a triangle wedge break out, and this is longer term bullish.  AG has struggled inside of this triangle, even at ICLs. Look at JULYs ICL.   I think that this is a character change for AG, and it is a bullish one.  I would say that you could now BUY & HOLD First Majestic.

These are a few of the things that I am watching on this Wednesday of trading.

Just a side note: I actually thought that the stockmarket was closing early Friday and closed Monday for the holiday Christmas.  I checked the schedule, and we have a full day Friday – closed Monday.  I would still think that some are leaving early Friday due to that holiday, but that may not change anything.

 

For now,  enjoy your Wednesday trading and thanks for being here at Chartfreak!

 

~ALEX

 

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CENX – Yesterday I mentioned this bull flag type set up.  It is a little like the one that I see in Silver and maybe even the Miners.  I expected a POP higher on this one…

CENX  – And POP it did, so 1. I hope you bought this and  2. Maybe we’ll see this on Silver?

AA –  So I was pointing out the charts of CENX & AA as Aluminum set up, saying that other “metals” were looking good…

AA – This also had a nice POP,  so the Aluminums are showing bullish follow through.

I posted this bullish recovery of Copper, and …

 

I posted charts of TGB & HBM.  Well,  TGB is still pushing this line, and HBM moved slightly higher,  so …

I’m still waiting on the Copper stocks TGB & HBM, but those moves in Aluminum stocks  CENX & HBM may be indicating that a break out in those is likely too.  This is another thing that I am watching.

 

CBWTF – On Dec 4th, I pointed out the long base and I love the way this looked…

 

CBWTF –  Patience pays off.  This is now breaking out and looks ready to run much higher.  I even added yesterday.

SRAX – I posted this chart of SRAX, and I own it .  I drew this slanted trend line as a break out,  and added under that break, but I noticed something else yesterday…

SRAX – Is this the real trend line?  I took a pretty good hit on this yesterday , as it dropped $1, but I still think that it is fine consolidating here.  Volume on the drop was 1/2 of what it was on the POP.  THESE ARE NOT EASY TO RIDE, THEY ARE NOT FOR EVERYONE.

 

Another side note:  I MIGHT try to exit all of my , or maybe all but 1 of my,  Blockchain trades over the LONG Weekend.  That is a personal choice,  it is not based on a chart set up.

 

Click to enlarge, from yesterday – it could run to 30,000, it could pull back to 10,000  first, etc etc

163 replies
  1. nancytheartist
    nancytheartist says:

    Thanks for the thoughts on SRAX. This is my first toe dip into the blockchain world. We watch what gold and etfs are doing to monitor what our miners are doing. What charts can we watch to follow what blockchain and other similar things are doing?

  3. Siva
    Siva says:

    Dear Alex,
    Have a nice day
    SSC up around 50% ($6.50) in the pre-market. Still i am holding from $2.35.
    Thinking of exiting the position (300 shares) and lock the gain.

    My first 150% gain … Thanks

  5. Hawaiifive0
    Hawaiifive0 says:

    Alex, are you expecting AG to stay above the 200 day. Since it’s extended I’m not sure where to put a stop or how big of a position to enter.

    • chartfreak1
      chartfreak1 says:

      AG is just breaking out, so it takes time to know if it will stay above or not. Will it just break briefly, drop to the 50sma, an then break back up through? possibly. Will it run higher and back test the 200 later? Possibly.
      You cant know, but what I am pointing out is that it is bullish.

      What I see is a bullish break that hasnt happened in a long time ( trading above the 200sma). It is bullish.

  6. Cal Staggers
    Cal Staggers says:

    Ombibulous,
    I’ve been having problems with my Disqus log-in, and I’m not sure if my reply to your question (copied below) made it onto the forum yesterday. My answer was that the charts in Alex’s report are dated June 23, 2017 – so you can probably find the report on or shortly after that date. Good luck!

    From Cal:
    Alex, I just re-read your special report from June of this year regarding how gold, silver & miners can act in a triangle such as the one that occurred in the year 2012.

    It’s just as instructive now – AFTER the long consolidation through 2017 – as it was while we were in the middle of it!

    So glad you have the experience & thanks for sharing it

    From: Ombibulous
    Cal, would you be so kind as to post the date (or a link) to that report?

  9. chartfreak1
    chartfreak1 says:

    I mentioned that I used to trade NETE & OTIV a lot when they were just TEch companies.

    Today NETE is opening up over 120% higher? OTIV responded the same way recently. they MUST be talking blockchain 🙂

  10. Peter
    Peter says:

    Hi Alex, can you find any logic in gold having a slam once the tax bill gets passed? Perhaps caused by a spike in the dollar. That would be the final shakeout everyone is half expecting.

  24. chartfreak1
    chartfreak1 says:

    CBWTF has very big volume today. Just ride this if you’re in it, that base in addition to not having a lot of resistance could lead to a strong run higher

  25. chartfreak1
    chartfreak1 says:

    GOLD looks good to me, the way it is acting, on anintraday chart.

    I dont really like the light volume on GDX GDXJ though. Maybe volume will come in if GOLD can put in a push higher

    I DO Like that GDXJ got above the 50sma, just cant tell if it will stick or not yet.

  30. chartfreak1
    chartfreak1 says:

    As posted below twice – I really like what I am seeing with GOLD intraday . A nice sell off with a strong reversal (CHart posted below) and the way it is acting right now, it looks like it is going to try to push higher .

    I bought my JNUG position back as a trade possibility, but now it looks like it may just be a hold on nd see what happens.

    GDXJ moving above the 50sma, and volume may increase if Gold POPS from here.

    The gold chart in this report showed what I am looking ( $1269, $1277) and I think Gold may be trying to break higher through that area. Just a feeling that I get when I look at the intraday chart

    • Maria
      Maria says:

      MGTI was crazy……… i own it.. did not add … i had to scoop up some miners this am.. im light – but it’s difficult to sell these things… craaaaaaazzzzzzzzzzzzzzyyy

      • littletimeleft
        littletimeleft says:

        from the annual meeting today: With respect to Bitcoin mining activities, Stephen Schaeffer, President of MGT’s Crypto Capital Strategies division stated, “We are ecstatic to report that we have entered into agreements to secure reliable and adequate electric power in Sweden, and expect to begin deployment of mining rigs there by the end of next month. Moreover, the initial phase of this relationship will give the Company 25 MW of power, enough for over 15,000 Bitmain S-9 mining rigs.”

        • chartfreak1
          chartfreak1 says:

          And a big sell off follows- typical, right?

          They are the company that I mentioned I did a little extra research on back when I bought them, and I liked their story. Mainly the amount of rigs they were projecting.

          • littletimeleft
            littletimeleft says:

            i believe the dip today was due to the pullback in bitcoin pricing, actually all the big 3 CCs took a hit and are now bouncing back. and you are correct, these guys have a solid story

    • cannaber
      cannaber says:

      bought PRELF at $2.65. not impressed, am selling it here as coins looking soft
      Screwed up MGTI. Had it at $2.40 and lost patience after a few days .

  40. roger
    roger says:

    I bought more microcap gold stocks. I am not looking for how low they will go but how high they will go. If miners pull back I will buy more. Also bought aks, I am still overloadrd with Uranium stocks.

  45. Ralph Wiederzane
    Ralph Wiederzane says:

    So far so good with the miners, and in late December. I will add into pullbacks when they occur, but until now I am pleasantly surprised, I didnt think they would necessarily go up everyday like they have.

    • littletimeleft
      littletimeleft says:

      i bought today, not the best timing esp. after 7 straight up days. looked like it was going to the moon at the open, somebody(s) needed $ and sold some big blocks

  50. Peter
    Peter says:

    Alex, I’m interested in buying MARA or GROW based purely on technicals for a 1-2 day trade. Can you advise on which one you like better for potential lift off?

  53. BayTrader
    BayTrader says:

    CRTO… Not a play most of us would take.. Been toying with bottom bouncers past cpl days.. Grabbed a few shares at 23.50 today above yesterdays high.. Was going to cut it then last half hour Spiker… Good day!…

    • Matt C
      Matt C says:

      About time! Nearly my bed time down in Australia! Just waiting for my nightly Chartfreak report to put me to sleep. Ha Ha just kidding – usually it’s the opposite! Especially so when we are in the timings for ICL’s like now. Well positioned and hoping to ride a couple of excellent Daily cycles here 🙂 hope you are doing well Alex and that winter is not too cold so far! 43 degrees Celsius for me tomorrow or 109 Farengeight!!! Ouch!

      • chartfreak1
        chartfreak1 says:

        Ha Ha – What is this thing called ‘sleep’ anyways??

        We got snow and more tomorrow , Saturday and Monday.

        109 f where you are !! ? You need to be out exploring the Reefs mate! Have a good one 🙂

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