Loading ...Which feels bullish to me. We also closed above the downward sloping 200 week moving average, which is currently at 201. Things get even better with a close up around 210, as that would be above the 50 week moving average. Here’s my first attempt at annotating a chart with some of my observations. I’m not a chart expert, so helpful advice appreciated if I’ve done anything wrong 🙂
An ‘around the apex’ move on the HUI. Historically these have proven to be the start of multi month (or longer) strong moves to the upside.
Just about to cross the apex. Will it close above it ?
EDIT – RSI, MACD and SLOW STO are all looking like they’ve turned up and are bullish.
Just a reminder, from my post a couple of weeks ago. When these 2 charts display a crossover, with the 50 week moving average (blue line) moving above the 200 week moving average (red line), historically it has preceded a move to the upside (see my 3rd chart).
Interestingly, this will be the first time the 50wma has moved above the 200wma, with the HUI below the crossover point. We’re currently around 177 on the HUI, and the moving averages just crossed over somewhere around 204. I also notice the RSI and MACD are beginning to turn upwards…
We need a rapid move above the 200 level to prevent these averages making a bearish crossover. Based on history, and a good weight of evidence from others who have posted here, that is what I’m expecting. BUT, I’m not 100% convinced, because there is also a good counter-argument which suggests more downside. As a result, I’m back in the game, having bought selective miners, with more ‘dry powder’ to deploy once I’m convinced.
Hi folks, just trying out my first post and sharing some thoughts. Go easy on me 🙂
I’ve followed PM for about 10 years now and been invested, one way or another for most of that time. I ventured into the miners in January, after years of research and following some great sites including this one. There seems to be some really good, well researched views being expressed here. I read all your posts, and weighed up the evidence. I was convinced we’d hit rock bottom, and was delighted with the returns. Like everyone here, I wrestled with trying to decide when to bail out. I exited once I’d seen a couple of chart patterns fail. They are the charts which show the 50 week moving averages on the HUI and XJY crossing above the 200 week moving average and yet failing to rally strongly, and plunging instead. On the charts below, you can see that this is unprecedented. Maybe a sharp reversal to come ? If not the averages will soon cross over again, but in a bearish sense…
Thank goodness for some of the pointers I’ve seen on here for energy and uranium stocks. Not taken the plunge into cannabis yet though, lol.
What a year. Cheers everyone, seasons greetings and all the best for 2017 🙂