Throughout the miners’ complex, precious and otherwise, we are seeing some pullbacks to 30-minute trend support this morning after sharp rallies late-last week.
One of my holdings, coal miner Peabody, is a good example. I scaled partial profits on Friday from the name but retain a small position left (2% of my portfolio).
On the 30-minute chart, below, note the potential to come down to trend support on this timeframe.
Indeed, miners’ bulls are going to have to prove their case this week and be willing, for a change, to step in front of pullbacks as miners attempt to find some footing for at least a tradable rally.
What are you trading this morning?
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Watching RDNT.
Thanks, Montrose.
FCAU
Thanks
Hi Chess,
How do you feel about GOOGL here?
Thanks!
Bearish under $550. Neutral here.
Chess, several of us talked about you, we’re sorry we missed you, (is this like a meeting of congress thing, where you can’t have the entire leadership in one place in case a nuke or earthquake happens? 🙂 ) I think one of the major comments is that your commentary has “level headed” us at times, gave us core knowledge points to fall back on when trying to figure out market moves, “what just happened”, how to trade on strength, avoid confusion, and don’t trade just to trade – make a deliberate move or not. Like a solid foundation that, however confusing or fast things get, you can use this foundation to pick the right way out. I think I speak for many I talked to that we wanted to say thanks!
+1 twice over.
pyromonoxide and granpa: Thank you! @pyro: I was unable to make it due to a scheduling conflict. Heard it was a great time and saw the photos. Happy to hear you enjoyed it. Thank you for the feedback.