Confluence of Bullish Factors
-Gold is due for a weekly cycle low (See Bob Loukas on Twitter for info)
-Key support
Weekly cycle lows typically occur every 22-26 weeks. Currently at Week 23. Weekly cycle lows typically start off with powerful positive price action. Where it ends up is anyone's guess. The key support level should also provide some positive momentum. These two factors combined is what makes me interested in this stock. Many other gold/silver miners are just in free fall, having already broken their key support levels. Harmony is unique in its relative strength. With a break above $3.45, I will enter a long and trail stops on key support levels as the trend develops. I will be aggressive in raising stops to breakeven.
Bottom line - A good opportunity to get long precious metals may present itself in the near future. I think HMY is a good option to play. My other mining stocks of interest are $FNV and $WPM.
-Gold is due for a weekly cycle low (See Bob Loukas on Twitter for info)
-Key support
Weekly cycle lows typically occur every 22-26 weeks. Currently at Week 23. Weekly cycle lows typically start off with powerful positive price action. Where it ends up is anyone's guess. The key support level should also provide some positive momentum. These two factors combined is what makes me interested in this stock. Many other gold/silver miners are just in free fall, having already broken their key support levels. Harmony is unique in its relative strength. With a break above $3.45, I will enter a long and trail stops on key support levels as the trend develops. I will be aggressive in raising stops to breakeven.
Bottom line - A good opportunity to get long precious metals may present itself in the near future. I think HMY is a good option to play. My other mining stocks of interest are $FNV and $WPM.