yep, seems we have managed to finally break what was a sharp and consistent downtrend during last week.
I gotta admit, making my second (larger) purchase of BDRs yesterday arvo, I was still expecting further drops, but at the same time, hoping for the $1,210 areas to support. It was a bit gutsy buying in before seeing confirmation. Usually this kind of move can be dangerous, akin to wanting to catch the falling knife, and if POG continued it's fall, I expect the BDR share price to follow. This week pretty much shows what an important part of the equation it is to have that onside, as we fell from 36 way back to 29.5 (that's quite a swing!), but of course that also included some profit taking I expect, and possibly some people got stopped out had they bought in late in the game.
DO I analyze too much? haha.
Here's the chart showing where the train left the rails last night...
So it kind of DID wanna fall again, but was immediately picked back up. Interesting.
Might this be a new breakout?
Still not a convincing move, more sideways if you ask me.
Would like to see more green days and higher closes compared to this last week.
Weekly chart.
Some have discussed a pennant formation occuring here. There might be something in that.
I still don't understand the pattern well enough, and if it IS there, I wonder if it broke out on this week's bar already (see purple lines), but we closed the week lower than last, LOL! or maybe the pennant has another week or two in it yet...
From all the commentary on markets and what needs to happen for POG to breakup Martis style, sure, I guess we may yet have another week or two of waiting for an epic breakout.
That's
IF it happens. Let's not forget that we are still battling lower highs lately.
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It might be that we are a bit trapped sidways until some catalyst occurs.
To it's credit, this weekly view, all the lower highs formed before now, you can see the fall away from the peaks was pretty consistent, or a much sharper drop, whereas we are 5-6 weeks since the peak now and still holding not so far away from those highs.
I give it one more week for the dreaded H&S to still have a chance, thankfully we did not enter that territory overnight, but it looks a little less likely to me now with the right shoulder getting pushed out a bit far now, maybe
It's disappointing to see better highs in this weeks bar which beat the past 3 weeks, yet we end up with a lower weekly close!
hmph! :/
I should get off the computer!
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