Weekly, daily and hourly Ichimoku charts for RMS with Hawkeye volume.
Weekly IC still remains in a bullish bias with price action near the top of the cloud but is in danger of moving to a more neutral bias on this chart. No valid long entries are in play on this chart and a trader trading on the weekly IC would be on the sidelines neither long nor short. Although the week is not finished yet the Hawkeye volume is indicating predominant selling. The 3 weeks prior to this week are indicated as low volume churn.
As mention in my previous post, the daily IC chart signalled an exit to the previous long entry position on 5/6 the day before the EM resource announcement. Currently it looks like it was a good decision to use that trigger to sell half my weighting. Disclosure: Subsequent to selling half my weighting I also sold more shares at 57cents, so my new weighting is 1/3 of what it was. Hawkeye volume shows churn and predominant selling over the last 11 days, the last 3 days of which have been predominant selling. Short term horizontal support on the chart looks to be at 51cents (the intra-day low made on 30/4). Important that this holds. A trader trading on the daily IC would be on the sidelines neither long nor short. The daily IC chart is also showing a bearish bias as the price action is below the cloud.
The hourly IC chart is also looking bearish with the price action below the cloud and with a valid short entry signalled at 56.5 cents on 13/7. The short entry was quickly snuffed out by a number candles crossing up above the Kijun-sen line but the hourly chart currently has a strong looking short bias to me with the Hawkeye volume showing predominant selling in the first four hours of trade today. The last two hours are showing low volume churn with a sign that some support is coming in. I think 51cents needs to hold in the next two weeks or we could go lower. I'm keeping my powder dry on RMS until the quarterly has been and gone, the gold price finds a short term bottom, and the company gives us its plan for EM. Esh
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