Monday and The Doctor Is In
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Hey Doc I am looking to pick up some shares of Harmony Gold Mining (HMY:US)
I see it has hit the $2 mark one time. I am wondering if this is something I should buy now or wait for it to break under the two dollar mark? To me it looks like it won’t break lower, but who know in these insane markets! More importantly, I am wondering if you could recommend a couple of technical analysis books for amateurs like myself. At this point my knowledge of the subject is pretty much at the mid-beginner level.
thanks
Col
Here are a couple everyone should read before they get into the nitty gritty:
-Jesse Livermore “How to Trade in Stocks” and “Reminiscences of a Stock Operator” Valuable insight into how Livermore went about trading. Not much of technical analysis but Livermore had some great insights on crowd psychology.
-John Bollinger: “Bollinger on Bollinger”
-Gregory L. Morris: “Candlestick Charting Explained: Timeless Techniques for Trading Stocks and Futures”
-Steve Nison: “Japanese Candlestick Charting Techniques”
These are some of my favorites. They’re easy to read and follow.
Investopedia on the internet is useful as well.
Confused; I’ll try to answer your question on this one. Remember, I’m not giving investment advice. Also, remember, that weekly technicals always trump daily technicals. Right now, the weekly technicals from a momentum and strength standpoint still show downward pressure on HMY. HMY now is looking like a lot of other PM stocks I’m watching currently. I do believe we’ll see a rebound in a lot of these (based on cycles) in 2-4 weeks. HMY currently doesn’t look like it has a lot of downside if it does move toward 1.90. The bollinger bands appear supportive. The first sign of weekly momentum shift will drive me to purchase—-I feel we’re getting very close and especially if many of these stocks start trading in a sideways pattern which it appears they will. The best time to then purchase would be when they’re hugging the lower bollinger band on the daily charts. Hope this helps. Doc.
Thanks doc for your input!
A million ounce producer like this at 1/3 book value seems criminal to me.
numero tre Al not tres 🙂
Don,
I thought that it was uno, dos, tres!
I do admit that junior and senior high schools were one heck of a long time ago!
Don’t worry all is ok ! https://www.youtube.com/watch?v=bav3-Ci3Wp8
You are right!I thought you were speaking italian not spanish :)Keep up the good work Al
Pretty good Franky as was the ad preceding it!
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Chateau Lynch-Bages Grand Cru Classe Pauillac? It sells for about U.S.$85 over here!
Must be decent, Franky!
DAY BILDING A PRISON ! https://www.youtube.com/watch?v=GN-sEWiFkK8
Him love us ! all ok ! https://www.youtube.com/watch?v=udLTV-KIRIM
And jong think ! https://www.youtube.com/watch?v=cbXS1n8r0K8
Day rule ! https://www.youtube.com/watch?v=LDVbPQxrRc0
Gold has become weekly overbought vs the miners for the first time in 18 months but the miners now appear ready to outperform.
http://stockcharts.com/h-sc/ui?s=GLD:$HUI&p=W&yr=3&mn=0&dy=0&id=p93816424201&a=361374318
Up $70 from the recent lows. And now trading at a 30 day high.
Keep the doubters out.
It is that Dave!
Thanks for your suggestions Chris!
Will get to the library and start reading.
c
Doc, might be accurate on technical and they show gold will come down.
But my technicals tell me gold is going up, every time I get to my monthly buy gold seems to spike up a bit.
This has been accurate historicaly and I expect no different his time. lol
Interesting bb!
Just funny how it seems to go Al. Maybe its the time of the month?
Thanks Doc and everyone for all their efforts.
Sure is low stress just buying physical each month.
I definatly need the “raging bull” for successful trading. lol
Yes, it certainly is low stress bb!
BB, you could be right. We had a string close today. However, we’re about to challenge the 50 day MA that’s coming down. The daily charts look strong right now and the weekly looks like momentum wants to turn up. One of the stocks I’m holding is moving higher again today. This week should tell the story for gold on whether it moves right through the 50 day MA and continues higher or whether we pull back before moving higher. The action of a lot of the PM stocks still bothers me.
Doc, if I may say something. I believe the reason why the miners are not performing as expected is because investors don’t know how gold will react when QE is officially over. Sure, gold is moving higher at the moment, but it can take a sudden dump next week when the Fed officially ends QE. On the other hand gold can move higher if volatility appears in the conventional markets next week. Next week and into the first week of November will set the trend for miners for the remainder of the year heading into 2015. My two cents on the subject.
I agree.
Not a bad 2 cents, Chris!
DAY CONTROL ALL ! EDUCATION SMAL AND BICK YOU THINK WHAT DAY WOND YOU THINK ! SOO ONLY GOD ! https://www.youtube.com/watch?v=wvPuwCmjNJo
SO BIRDMAN WE ALL IN THE SAME ! https://www.youtube.com/watch?v=1vCHJNz7-ag BUY BUY I GO SLEEP ! INJOY !
It looks to me like the euro has made a low that could last more than two years.
http://stockcharts.com/h-sc/ui?s=$XEU&p=W&yr=5&mn=3&dy=0&id=p72840780096&a=371818895
…If so, it bodes well for the sector. The black line on the linked chart is silver…
http://stockcharts.com/h-sc/ui?s=$XEU&p=W&yr=5&mn=3&dy=0&id=p44586510883&a=367629788
Let’s watch the resistent values for gold $1250 and for silver $17.5. These quarter values only make sense to the West in particular English speaking countries. In the East, nobody think they mean anything.
See whether they are defended this time.
Doc,
The weekly is showing more room towards the downside. The fact as you state today and which i stated few days ago to matt is the miners don’t want to go. They have moved 2-3% a nothing on a gran scale of things compared to price of gold. Gold will turn down after this daily cycle and head lower into fomc meeting. 1180 will be broken. It smells like it, looks like it and the body language is screaming it. Caution, patience to all as we will get one last final move down which I expect to be swift,fast and determined where every last bull will throw up! Maybe it happens sooner rather then later.
Just like Newton’s first law of physics, there is an inertia in people’s thinking. Gold has been going down for too long so first thing coming to our mind is always its decline.
That is certainly a good point Lawrence.
gold/silver ratio to attack 73-75 next.. target of 78/80 is final top for me.
Wti oil resting before attacking 78 this week or next. Fast drop towards 70 is coming.
Potential for below $70 in your opinion glenfidish ?
It’s too soon to say for sure, but I think the GSR might have already topped.
http://stockcharts.com/h-sc/ui?s=GLD:SLV&p=D&yr=1&mn=3&dy=0&id=p46710423010&a=370460853
GLD:HUI may have already topped; miners to outperform gold…
http://stockcharts.com/h-sc/ui?s=GLD:$HUI&p=W&yr=3&mn=0&dy=0&id=p93816424201&a=361374318
Gold/Silver is now in strong season. Hope we can run into a short squeeze. Due to the unprecedented short position in silver, once it happens, it could be dramatic.
Hello Al,
Are you aware of heavy insider buying from Exeter recently? Would be interesting to know their thoughts what is the fair value of Caspiche deposit in their perspective.