chomp, page-21

re: the big picture G'day all
Hope everyone is well and happy.
I love a good story (or a good bad story) makes for interesting reading/discussion. Personally, I have found it much more effective to put the story aside and check the charts to see whats really going on when it comes financial decisions. This as many are aware is something I had to learn the hard way. Others have more success with "stories", each to their own.
Below are 3 charts
The first is a 3 year weekly of mmn,
the second a 3 year weekly of silver in $aus
the third is a 3 year weekly of Hecla, which is a good sister stock for mmn (technically they track each other very closely)
My observations.
If you look at the first 2 charts, it appears to me that macmin's share price has everything to do with the silver price and little to do with other stories. The correlation is distorted by excuberance on the run up and pessimism resulting from a subsequent failure to attain new highs, IMO.
The third chart shows a slightly more pessimistic low for HL but now breaking out.
I re-entered MMN last week at 11c after failing to maximise (not even close) my profits in the past. Technically everything looks to be pointing to a nice move up for silver, having broken out on the 6 month chart, however we need to surpass the long term resistance which we now approach around the aus$9.60 area.
Just to illustrate the MMN/HL technical similarity I will add a fourth chart with that comparison.
I currently hold mmn, but could decide to sell at any moment.
cheers
Rod
Heres the charts.