Daily 3 Mar
Positives
Stochastics are in the bullish zone above 50, above the sig line & rising.
Histogram is rising
Negatives
MACD is below the sig line & trending down
Histogram is below zero
Stochastics are quite wide
Bearish engulfing candle.
Outlook.
Overall, the daily looks fine as it should & following the rising trend nicely but it looks like more consolidation for the near future. One more small swig down before we get to run perhaps.
In the s/t, resistance is 74 – 76 & support is 71 – 72
A break above 76 should see a retest the prev high & potentially a new ATH.
Shorter’s were active early in the week but not so much in the middle & are still having an impact on the daily sp action. Every day was a net sell day with shorts being the main contributor.
Every time the Pro’s push the sp down is another opportunity for investors to top up.
Weekly
Negatives
MACD is still flat to down.
Histogram is trending down
Stoch has crossed out of the overbought area & is below the sig line.
Outlook
More consolidation in the 68 – 76 range but maybe a dip down to 65 if they try hard enough.
No one is selling. At least no one with any brains
Vol was below the 5 wk avg & was -4,932,691 net selling, slightly down on last weeks.
Shorts reported to Thu. were 3,266,554 or 66% of the net selling.
Looks like they are just churning & not picking up much but support seems solid at this stage & the trend is still up overall.
Weekly support is around 68. Resistance is around 76.
A break out of this range should see the next high up around 87.
Great progress announced in the last update & production should continue to increase if all is going as expected.
Permits or resource update next will really set the burner going under the sp.
Time for a break while the weather is still warm I think.
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