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ABC

ASX ABC LongFeb 12: 11.00 AEDT This stock starts throwing up long pins in consolidation mode. In trend, it tends to have longer bars w/ short pins. My previous discussion (12 Jan) suggested a rally out of (expected) support at $5.29. This failed, and it pulled back to secondary support around $5.15 and $5.10 It is well supported on weekly as shown and has a higher high/ lower low since Dec. This is classic Dow Theory, but volume is modest. I expect this stock to start pushing up now. A close above $5.23 for two days will confirm an upside breakout and I am not expecting a close below $5.13 ABC reports late Feb so price action will be focused on forecast vs reported. I can't show it on this chart, but BB's are squeezing since Feb 9. I intend to nibble now on lower timeframe weakness and add on breakout with an initial tgt at $5.45+ and SL $5.14 At current price $5.19 that's a RR of approx. 5:1 before costs. There is short interest of 5m with avg Daily Volume of 2m. This is an opinion not a guarantee and ... just my 2c worth ...
ALong
by Oh_If_Only
Gold Ends the Week touching the 1221 Resistance LevelGold rose higher today after shaking off a selling spree after the NFP numbers were released. Prices fell right to the 6 day moving average before buyers stepped in and gold prices rallied. Prices continued to move higher right up to the closing bell and the action stopped @ 1221.6. Let's see what happens next week but if price can finally break through the 1221 and close above it (yes, I know, I've said that before :) ), the first target would be 1241, the .618 fib extension of the (A) wave. However, if this is truely going to be an ABC pattern, then price will hit 1278.6, the full 1.0 measured move. Here's the simplified Heikin-Ashi chart. Although we are in a solid green uptrend, today's candle was an inside candle which suggests that it might take price a couple more days to blast through the resistance. Here's the weekly chart. Notice that price on the weekly is now right at the midline of the BB. That's equal to a 20 day ma. If price moves above here, the odds are good that it will move to at least the blue BB at 1284. The final chart I want to look at is a monthly Heikin-Ashi chart. January ended as a red inside bar and so far, the February action has been all green. If price continues to rise, February could be a great month for the bulls. Have a great weekend!
COMEX:GCJ2017Long
by GoldBands