I know nothing about this company, but my friend believes TA isn't helpful and I want to prove him wrong. So here's the chart: let's see what happens.
My chat with him:
"You can buy right now and know to sell if it drops below 71.50, then if it breaks 75 it's easily hitting 79, then prob 83, then maybe 86
If it break 71.50, the first support is 70, then the next...
Weekly fib retracement and extensions make this a pretty nice technical play. Highest target is 28, with coinciding fib lines at $25 (plus it's nice round number, so prob going to get some heavy resistance). I'd put in a buy at 21.80, and hope to catch it.
I've been watching gold since 1280. It was either going to continue down to 1225, or break out to 1350. (I know, I know, the classic "it could go up OR down".) However, if gold breaks out, gold ETFs could rally big, which means large positions and safe moves (XGD, in Canada, has already broken out from $12.50 and could easily hit $16.00. Also confirmed by a very...
Nice play here. THere might be a slight pullback mid week, and wait to confirm candle closes above previous highs before entering. Ichi on the daily is big time bullish for the first time in a LONG TIME.
Based on ichi and a few other indicators, I believe we're going to bounce of the wedge we're making at around 16. This is 100% NOT A BUY right now, but I'd put a nice buy order at around 16.05 and play the bounce back up to about the top of the wedge.
ICHIMOKU CLOUD - We just signaled bearish based on the Ichimoku cloud (monthly). This has only signaled 4 times in the past 20 years. 2 of those times were big market crashes, the other is a false alarm, while the latest one still has to be confirmed (waiting until the end of May, 2019).
Background and Current Analysis
I did some research into the recent news surrounding 10 year yield curve inversion, as well as did some chart analysis. In short, backtesting the past yield inversion event, as well using the Ichimoku cloud (a reliable indicator which only signaled 4 times since the year 2000), there's no doubt we're heading into trouble within the...