Loading ...A Contingent Mining Play (Update)
On Friday Jan. 8th, about an hour before the market opened, I posted about wanting to take a small position in PVG, but only if it traded down to 10.50 or less. It had closed the day before around 11.90. I got filled last Friday(one week later) at 10.50.(Traded down to 10.43) It looks like the company released a positive update yesterday and I expect Friday’s low to have represented an excellent entry point. If you took a position, well done and good luck.
It is even moar betta today. Buyden team will mcgreat
Yes, in my original post I indicated it could trade down to near the 200day around 10.20.(At the time of the post)
Do you have an opinion on SSRM? I hold it and I have always considered it a well run company. The price action lately, though says differently.
Have not followed them or done any fundamental research. The long term chart shows lot’s of resistance at various levels above. If I had it I would look to sell around 20 on any bounce.
Charmaster, I have 2 concerns with PVG right now. It’s trading below the 200 day SMA today and on the weekly it’s below the 30 wk EMA and the EMA is pointing down. I think the price needs to stabilize and show a directional change before its a buy in my portfolio. Thanks for posting charts and many ideas in this sector. several good calls too.
Isarmina, You are correct to be cautious if you haven’t initiated a position yet because of the reasons you stated. Many of the miners have gotten extremely oversold including PVG. Today marks the tenth straight down day as of this moment. I believe this is the bottom. There is no reason you can’t wait for a bounce and then look for an entry point.