Well, I really hate to sound like a broken record but please don’t blame me, blame those guys over at Orko Silver Corp.
Why? Well,…afraid to say really. You all must be thinking, oh no, not that tune again. But yeah, you guessed it.
This stock is still in an ongoing uptrend.
Let me break down the chart for you. On the intraday chart we put another high of 0.89 on the boards. The stock closed at 0.88 (+1.15%).
I’ve included the Bollinger Bands again, you can see we are still trading in the upper band. On the chart I’ve question marked my consolidation remark since I’m more inclined to believe we are still looking for higher grounds before we get any sorts of consolidation.
Why? Well, judging from the MACD indicator this stock is still not looking at a change in trend. You’ll see that there still is a huge gap between the red and blue line. What does that mean you say? Well, the wider that gap is, the more enthusiastic the market is about Orko Silver and I’d say they’re right to be enthusiastic.
We still have an RSI indicator which has been in the overbought zone for almost a week now..since September the 8th. But if Orko Silver feels comfortable staying there then there’s no reason why this shouldn’t go any higher and stay overbought for a while longer. Meaning, RSI indicator is just that, an indicator, if the market wants to buy the shares and thinks they are still cheap to buy under 1.00 then they’ll be damned to look at something silly like an RSI indicator.
I think with Orko Silver we definitely have hit that stage now. The market coming to the conclusion that Orko Silver is still undervalued and therefore always ready to find new buyers for higher prices.
I mean, if anyone else can explain to me nine consecutive up days then please do and indulge me. Therefore dare I say that tomorrow will ring to the same tune as it did the previous 9 days?
The volume was a bit down but nothing too worrisome, still average volume I’d say. But I know who to blame for that or at-least who I am gonna blame for that. That my dear readers is…
Chart courtesy of Kitco.com
And no, this is no photo-shop I can assure you. And no I most certainly do not have that much spare time on my hands to sit here, hitting refresh so many times and hoping to get lucky and get the nice round number on my screen.
The only other explanation is therefore the only other plausible one…I am just lucky.
No lottery number requests please!
Anyway, I’m not saying gold isn’t giving its all but today we’ve seen some consolidation in the price of gold and therefore some of the appetite went out of the markets and sought their virtues elsewhere.
But,…they’ll be back tomorrow,…they always come back.
Again with the gold you say, well, you will find people who look at the price of gold to buy silver mines, go figure.
YeOldGoldNugget’s links of interest
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- Free Email Trading Course Copy
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