PRU is way overextended from yesterday and from last night Wall Street it looks like the ASX is going to be risk on, hence why i'm looking for a short in the gold sector. Looking between 0.87 and 0.815.
PRU has just finished a minor correction wave and a major wave 2. Price Action has caught up at the 50 daily MA but still looks to have a good deal of strength to be able to cross it. Looking back at wave 1 the move is playing out similarly where it was at about halfway point of the move that after a stall the price jumped. I’m not tipping a price jump here, but...
$PRU - PERSEUS MINING - Short term opportunity?
Might be worth a look on Monday. It traded the whole range on Friday with seller depth eventually overwhelming and exhausting the buyers. There is still some volume there and it's pretty close to the bottom end of the resistance area so if it heads up on the open there are a few points there for the quick win. If...
Perseus now a two mine/two operating country gold miner with line of sight on a third mine, looking to take production towards 500z oz around 2021.
Short interest has dropped sharply and a sauser shaped bottom has formed over the last 12 months.
Double bottom at 27c.
27c -39c channel, now convincingly broken to the upside.
Mesured move objective of 55c
