Wednesday November 27th
This is Wednesday, the day before the US holiday, and it is often a day where traders start their travels to visit family in the U.S. With that, trading is often lighter volume, and it is easier to push things around with a lack of real selling. The same is true for Friday where the U.S. has a 1/2 day of trading, so I was going to just post a few trade ideas, but Tuesday did get a little interesting.
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As a summary, The General Markets continued higher , Oil moved higher ,Yet the XOP & XLE dropped. GOLD, SILVER, AND MINERS may need to be discussed a bit further though, so we’ll start there…
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GLD – As day 9 (Monday) rolled around, the Precious Metals were selling off and lost the 10 sma. That is not all bad, and I pointed out the MAY 2019 ICL was very choppy and did the same too, but let’s be honest: I did think that GOLD, SILVER, & GDX might now break to new lows and drop into the ICL with this weakness.
Tuesday, Day 10, we saw a reversal. Let’s discuss that. 
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Let’s discuss what I am currently seeing or how I look at this set up:
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GOLD – So far we have a day 5 L.T. Daily Cycle. That may be about to change, we’ll have to keep an eye on this, because…
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GOLD – Back when we got the last reversal, I discussed how it could possibly be a Mild ICL, and mentioned that the timing was right so we’d be looking for a break above the 50 sma. Well, Price barely got 1/2 way there & then rolled over. That looked weak, but certain Miners still look Bullish, so we take that into account too. NOW On day 10, GOLD reversed and looks ready to break this down trend. So…
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What I am thinking is that a move above the day 5 highs would now gives this a day 12 or 13 peak? Will that happen? Watch for it. That is not normal for a ‘final’ daily cycle ready to drop into an ICL. A Final daily cycle usually peaks on day 3-8 on average. A break of the 50 sma is VERY BULLISH. That means that I am now viewing this as possibly ready to break higher & run. I do want to remind everyone of another chart that I posted…
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Look at the left side of this chart with 2 red arrows. It was a reminder that The May ICL 2019 was choppy and also dropped back to the lows. THAT drop caused a day 13 higher low, so we need to be reminded that the ICL MIGHT be in place as long as those lows are not taken out ( right Cal?) 🙂 .
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SILVER – Silver looks good with Higher lows and it regained the 10 sma.
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GDX – I captured this chart in the final hr of trading, so the volume was near 50 million. I am pointing out that GDX is constantly rejected at the 50 sma. My thought = If you see it break that 50 sma, this just can’t be a weaker late daily cycle- it must be an ICL.
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So I looked at Miners during the day, and…
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BARRICK BUY – Read the chart. Barrick is a BUY with a stop.
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AXU – I bought AXU as a Silver stock that really dropped, but may be ready to run. A run to the September highs is about 70% and a break beyond that is GREAT 🙂 ( Use a stop). Oh and…
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If the Bull is back, I wouldn’t mind a run back to $10 after that break from the base & back test of the 50 week ma. This is a massive base. Eventually a break above $3 could see a nice climb higher, (but it will take time).
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NG –I noticed that Nova Gold didn’t drop to the November lows, it reversed exactly at the 50 sma. AUY, BTG, IAG, and others did this too. You could buy this with a stop or buy a break out above that Magenta line.
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AG – A big picture shot of AG shows me that AG recently ran from under $6 to almost $12 and has chopped sideways for M-O-N-T-H-S around $10! When it breaks, it could run vert strongly to prior highs. Big gains.
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NSRPF WEEKLY – It is a break out from a very long 13 month base. I love the long bases. If the ICL is in place, NSRPF is about to make up for the last ICL where it chopped sideways forming that base.
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SVM – SVM is back at the highs aready, so there are some Miners that are still not showing signs of being ready to drop into a deep ICL. The MILD ICL case seems to be backed up by some of these stronger miners. I definitely expected a tag of that 50sma.
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TRX – TRX has a nice base too, and is showing signs of a possible break out here. Notice the charts ‘Volume pops’, and notice the ’50 & 200 sma’. Also the Base is a nice 3 month base. In conclusion: I would say that TRX looks more like it wants to break higher, rather than drop into n ICL drop. It can be bought with a stop at the lows.
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OTHER TRADE IDEAS
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CALX – CALX popped with great volume and sold back down. This looks ready to run from a bull triangle, so the ‘Pop & Drop’ may be a buy opportunity , since you can ow buy it near where you would place a stop. That was a nice October run. Also…
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CALX– I like the Bigger Picture potential for upside gains too.
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SENS – I have seen so many Bioteck & pharma runs that I like SENS breaking above the 50 sma ( I bought it). This was after 1/2 hr of trading, but it closed with good volume & did close above the 50sma.
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You should look at charts of EDIT, CRSP, NTLA, DTIL ( WOW!) ETNB (WHOA!) , ZIOP , Etc. I see MANY of these that I would buy because the set up is SO BULLISH. Take a look at charts of EYES, SWTX, KERN ( MJ & BIO), and look at BXRX – what do you make of THAT BXRX? I have so many that I can’t even sort them out. After they run, I’ll post them as ‘Buy the dip” when they finally pull back.
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From yesterday, TWTR – I would say that this should be a short term trade only, but this could run nicely as a trade.
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SHOP – AFter a small triangle at the 50sma, SHOP Popped. This could run to $400 ( prior highs).
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So there are many bullish looking set ups in various sectors, and we want to keep our eyes open on what is happening with the Precious Metals Sector.
In the US, Wednesday is usually a lighter volume trading day, the Markets are closed on Thursday, and then they are only open for a 1/2 day of trading for Friday. I was planning on being away for most of Wednesday, but now I am very interested in what the precious metals sector may do, so I may spend the morning tuning in here and there to watch the trading action. I also may just have a very short report for Friday morning, possibly just to discuss where the Miners are at that point.
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Enjoy your time away with Family & Friends, or time off, and pleas be safe! Happy trading all!
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