On the daily we have two very solid support zones. One at/or around $1.20, the other one at $1.00. On the daily the 50 MA lies at $1.22 and last Friday saw us close at $1.24.
In my opinion anything below $1.20 will be bought back up real quickly as that is really stretching it as to buying on the low. Those who got some shares at $1.16,…congratulations cause there might not come another opportunity like this.
You can read their latest release here.
From the MACD we can see the blue line crossing below the red line which is bearish short-term however I’m still looking at an upwards trending chart so all in all not much has changed and this will be old news in the weeks ahead.
Volume is to be called very solid!
Last week’s did shake my own portfolio and did produce a minor bump in my Orko proceeds however it was but a minor one and did not shake any shares from me cheaply. Those I sold I sold with profit and used to add on those who did went down. I didn’t take any from Orko though, only a small bit from the ones I entered a month ago which where already plenty in the green.
On the 5-day chart you can see the low we made of $1.16 and how we got bought back up to above the 50 MA and to $1.24.
The weekly then, last week’s drop didn’t even get us below the 10 MA. The low of that week did but all in all we are still trading above the 10 MA despite gold and silver correcting. That also immediately implies that we are also trading above all moving averages which couldn’t be better really.
The ADX is still solidly trading above 40 and thus makes Orko still qualify as having a strong trend. The Average Directional Index can determine trend strength regardless of the market direction. This non-directional oscillator is based on a range of 1 to 100 (although movements over 60 are rare). If the line is under the 20 mark, the trend is considered to be weak. If the line is above the 40 mark, the trend is considered to be strong. The ADX line is built on the results of two separate technical indicators, the +DI (force of up-moves) and the –DI (force of the down-moves). The default for this study is 14 periods which takes into the consideration the measurements of the +DI and –DI for the last 14 periods.
Volume also looks good and MA is rising. Another positive.
MACD is still trading strongly above the center line with a large gap indicating to me at least an intact UP trend in action.
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