Other Trade Ideas, HL, DSLV, XRA, PLG
GG - New Trade Idea - Short & Long
Gold Corp is set up very similar to Barrick Gold. I really like to the Risk / Reward parameters on this trade. If we see a breakout to the upside, it needs to have some momentum to get over the 50 MA which will act as resistance.
Now this also could be a sideways consolidation in in the direction of the current trend which is down. Should GG fail the 32 support, it will fall much farther to the downside as 32 has been clear support going back several years. (check out the weekly) One could short a breakdown below 32 with a stop over the 50 MA.
NEM - Could Stall Out Here
Currently NEM is testing its broken support zone. This could just be a backtest of support that has now become resistance. I may take a short position with a stop not to far above. It all depends on Gold and if we continue to see further strength going foward.
ABX - New Trade Idea - Short & Long
A break above and we will see a test of the blue downtrend and possibly a multi month breakout. A breakout below this triangle and we would see further downside. A stop would be placed on either side of the triangle.
The original trade setup is below
HUI - Short Term Trade Idea
The HUI looks like it wants to bust through the pink overhead resistance. If it does I have indicated the targets on the chart above.
URG - New Long Term Trade Idea
URG is a uranium junior miner. Short term on the daily chart this stock is pretty overbought. But as you can see once this trend-line breakouts I believe we could see a multi-year run.
SLW - New Short Term Trade Idea
I have no idea which way this will breakout, but if it breaks to the upside the targets are shown above, should it breakout to the downside I will update the chart with a daily. A stop would be placed on either side of the triangle consolidation.
The Line in the Sand For Goldcorp
A low risk entry in GoldCorp would be right here at these levels. The target would be the upper trendline. This would take several months to play out but one could place stop just below support and not risk very much on the trade.
SLV - Needs To Hold Short Term Support
Based upon this chart SLV looks like it wants to head lower. The flagging pattern above are usually continuation patterns. To negate this we would need to see a breakout above 28.50, otherwise the SLV looks like it wants to test out 26.50.