I've traded seabridge so many times over the years because i've always known one day this baby is going to rocket . Is this the time ? Who knows , but it looks promising... and im back in yet again ... never give up on an idea that has promise is the key .
We've broken down after a partial rise fakeout i'm going to be buying put options for this ticker as i'm really not that bullish on commodities anymore at the moment.
The weekly seems to be showing weakness and confirming that weakness by breaking down a bearish structure known as a Right-Angled and Ascending Broadening Formation; The measured move should take us down to test the 61.8% retracement at the very least before seeing any sort of major attempt at bullish continuation.
Hi guys,
just as described in my strategy we have 4weeks 10% strikes.
Themaths are simple, just have a look at the strategy, and all the iron conodrs I shared in "ideas".
Enjoy your wallet!
Tari.
Gold has been consolidating for a while and SA (gold miner w/ some silver/copper exposure) has held up very nicely. Of all of the gold miners this would be my focus. Close to a breakout. If gold can break the current downtrend SA should be hitting new highs quickly. Waiting for a breakout to go long.
SA has formed a bit of a large bull flag. It has maintained support at $17 and 100 EMA is also helping it, too.
I am buying at $19.40 and I will stop if it goes below that trend line.
Hopefully it'll break through the flag.
Overall i think the stock is undervalued right now. It should be around $19.71, and with he recent news release of initiation of drilling resources i can see this target being hit.
Could turn into a nice trend on this weeklong test of the 50ma and now break from bull flag.
It is a lagger and has not really participated in the gold rally over the year. It is sitting on an absurd amount of long term price support.
I was early on Seabridge Gold. Should have stopped out but the swing position was small...may look to add to this position on a retrace.
SA dipped below ideal wave (2) support but has a solid impulsive looking move so far off the low. Need to see something like this 1-2 play out if wave (3) is indeed underway.
Seabridge bottomed earlier than many miners. So far it topped at the 100% extension (log-scale). That has me concerned as it would normally count as the (3) of P3. I've annotated it as an extended (1) of P3 instead since the retrace is too deep for a 4th wave, imo. That'll extend targets for (3) and P3 beyond normal expectations, but that's not entirely...
Looks like the former alt 1-2 played out. Not clear yet that this correction is complete, but a good add for long-term holds IF you're bullish miners.
I've been adding miners like Seabridge all morning.
![SA: [Long] Seabridge](https://s3.tradingview.com/v/VV3Ic80M_mid.png "[Long] Seabridge")
