PRU breakout bullishWOW, look at this mofo go.
bullish breakout.
hold on.. this one is going higher.
PRU trade ideas
Looking for a short PRU is way overextended from yesterday and from last night Wall Street it looks like the ASX is going to be risk on, hence why i'm looking for a short in the gold sector. Looking between 0.87 and 0.815.
PRU.ASX Entering Impulse Wave 3PRU has just finished a minor correction wave and a major wave 2. Price Action has caught up at the 50 daily MA but still looks to have a good deal of strength to be able to cross it. Looking back at wave 1 the move is playing out similarly where it was at about halfway point of the move that after a stall the price jumped. I’m not tipping a price jump here, but it’s good to see that this is normal so far. I would count confirmation of wave 1 at least by the crossing of the 50MA. The completion of the move will be the peak of wave 5 of the previous impulse.
It’s important to remember that wave 3 is generally the strongest part of the impulse wave, so the real move to get on board with to minimise risk will be to wait for confirmation of the completion of wave 1 which is the peak of wave 5. Wait for a consolidation and a regression of price for wave 2 to finish. I’ve not shown it here, but the regression of major wave to relative to major wave 1 is a regression to the 0.66 fib level, so the same rough measure could be applied. Now this will then be minor wave 3 of major wave 3 so you could expect a good push out of this if the Elliot wave is correct framework.
$PRU - PERSEUS MINING - Short term opportunity?$PRU - PERSEUS MINING - Short term opportunity?
Might be worth a look on Monday. It traded the whole range on Friday with seller depth eventually overwhelming and exhausting the buyers. There is still some volume there and it's pretty close to the bottom end of the resistance area so if it heads up on the open there are a few points there for the quick win. If it breaks out there is more opportunity as well. I'd like to see my ADX stronger though to confirm momentum but worth a watch.
About Perseus Mining
Perseus Mining Limited is engaged in mining operations and sale of gold, mineral exploration and gold project evaluation and development in the Republics of Ghana, Cote d'Ivoire and Burkina Faso, in West Africa. The Company's segments include Australia, Ghana and Cote d'Ivoire. The Australia segment is engaged in investing activities and corporate management. The Ghana segment is engaged in mining, mineral exploration, evaluation and development activities. The Cote d'Ivoire segment is engaged in mineral exploration, evaluation and development activities. The Company holds over 90% of Edikan Gold Mine (EGM), approximately 90% of Grumesa Gold Project, over 90% of Yaoure Gold Project and approximately 86% of Sissingue Gold Mine. It has commenced exploration at various near-mine prospects, including Bokitsi, Mampong, Pokukrom and the Agyakusu prospecting license. It has also commenced exploration at other prospects in Cote d'Ivoire, including the Mbengue, Mahale and Napie licenses.
Disclaimer
I am guessing and the market lies.
PRU - Perseus Mining - Gold mining turnaround Perseus now a two mine/two operating country gold miner with line of sight on a third mine, looking to take production towards 500z oz around 2021.
Short interest has dropped sharply and a sauser shaped bottom has formed over the last 12 months.
Double bottom at 27c.
27c -39c channel, now convincingly broken to the upside.
Mesured move objective of 55c
PRU price closes at a new high for DEC.this is a good buying opportunity since support level is also holding..
