OK, on October 14 I did see a long legged Doji on the chart but next days action was not of that particular kind so as to give too much credibility to the Doji. If you look back at the earlier Doji I pointed out on September the 22nd. The next days trade completely covered or rather engulfed that long legged Doji. Now, that is a clearer signal indicating to me that there is indeed the possibility of more downward movement coming in the days ahead.
Now, I do not have to that feeling. Sure we opened lower at 0.98 and yes we didn’t break the 1.00 barrier but if you take a look at the sector chart then I must admit that Orko Silver really didn’t do that badly despite the close in the red of 0.970 -0.010 (-1.02%).
Google Finance – Sector Summary Chart October 16, 2009
Chart courtesy of Google Finance
You can see that the basic materials sector has dropped by 0.87%, now that’s not much but due to that there are other silver juniors that were hurt more than Orko Silver.
On with Orko Silver, there is still a good chance that the Cup and Handle continuation pattern will still come to being. Its getting close to the end of October and based on my averages that would be anywhere from around right now and the beginning of November that a news release can be expected. Me, I’m hoping and rooting for next week.
So, chart wise I’m still very bullish on the chart I see before my eyes, I am still awaiting a clear breakout above 1.00. With that I mean solid close and stay above the 1.00 mark. With a possible news release in the pipeline, a closing Cup and Handle continuation pattern with a target of 1.40, Pan American Silver with plenty of money and Orko Silver who has the explorer skills and the goods (La Preciosa),…I’d say…buckle up and enjoy the ride!
As I have explained before, Orko Silver and Pan American Silver are engaged in a drilling program which will last us through the year and beyond. My guess is with looking at the recent friendly takeover of Aquiline Resources by Pan American Silver I’d say there is no time like the present to make sure you take full advantage of the coming bull run in gold, silver and the commodities.
We as investors can do so by investing in either gold and silver junior miners like Orko Silver Corp, Great Panther Resources, First Majestic Silver and many many more or we can buy gold or silver bullion, with that I mean the real physical stuff, not the pixie-dust and fairy-tale things like ETF’s but real ounces of gold in coins or bars.
Canadian investors can order them at the Royal Canadian Mint or look around your area to see if a mint is nearby.
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