I had a look at LGL and I know what you mean, buying under $3 and sell at $3.3, I have done it a couple of times too. But Gold stock is not the favour of the month at the moment. To buy LGL, you really need to see one more candlestick and that has to be a white open low and close high to confirm reversal for LGL. If Monday turns out to be the case, why not? However, should also take a look at NCM, the support line of $32 is clearly showing, and today's candlestick on NCM has clearly shown punters not letting her fall to further, including today and the last two day volume on NCM is about the same, good support on the $32 and they do copper as well, so I would pick NCM over LGL(they just do gold and nothing else.) The last few days, miners like RIO, FMG, BHP has been running hard, Gold stock got sold off, money went to all of the miners. Gold is a safe place to store cash, but if we have a recovery on our economy, then commodity will rise, IO will rise. So if you have NCM(Fear the world coming down) and FMG(World economy recovery) then it doesn't make sense.
ALL (I don't even know what they sell, never heard of ALL) just reading off the candle pattern she is super bearish, started off open high today and close low, and passed yesterday's white candle 50% mark, with volume higher then yesterday. She looks to me as a goner. Expect another down day the following trading day.
Henhao, you have to understand, my trading style is very different than yours. I trade short term, I predict what will happen tomorrow and the day after, I act on it, trade and then I leave and move on. I spend almost 16hours infront of my computer everyday. I trade short term. I don't think my trading style with work for you. You work full time and have limited computer time, not a wise idea for you to follow me. You need someone like Robbbbbbb, Club_sharer, Mongombolo to predict longer run for you. I don't have the right software for a start. I only use Power-Etrade chart and Bigcharts.com, I know I need to buy some trading software this weekend. And I am still learning, so far, I am trying to just master the 12 candlestick pattern. Learning one thing at a time.
Cheers buddy.
Selmax
FMG Price at posting:
$4.15 Sentiment: None Disclosure: Held
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