Monday, September 28, 2009

Orko Silver Chart September 28, 2009

Daily Chart

Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

I suppose rising silver prices are not to stop Orko Silver's consolidation? Most other silver stocks I follow have all ended in the green today.
But to prove to you that stocks don't always follow the run in silver price I say look at the following chart. As you will notice if you compare the above and below, you will see that Orko kept trading upwards till September 22 while most other silver stocks (that I follow) have started their down march since September 16 together with the consolidation in silver.

Silver Spot

Chart is courtesy of marketclub.
Marketclub - Silver Spot Trend Analysis.

That was that. Today we opened at 0.88, we did manage to put the 0.89 on the boards but the bear had its claws in that lone bull quick-smart and after making a low of 0.85 we closed the day at a price of 0.86.

That makes it 0.01 less than last Friday which isn't all too bad really. I don't really think its time yet for Orko to start its move upwards. The volume today has again decreased so what bear there remains to my feeling is more of a little Teddy-bear. At least that is what it looks like to me. When you have a day where about 100K shares are traded then I don't have to explain to you that the number of sellers appears to growing thin!

The MACD indicator does indicate the counter movement from upwards to downwards. That is not the same as downtrend or uptrend. This stock however being in a downward momentum is however not in a downtrend. The trend is still upwards! To qualify for the downtrend this stock would have to dip beneath the 0.75.

Looking at the chart, if the 0.85 level doesn't hold, which is a possibility however looking at volume today getting that little bit more unlikely, then I'm looking at the next Fibonacci line which brings us to 0.80. And no, there is no gap there from September 4 till September 8.

I'd say RSI wise I'd like to see it go lower a bit more than where we are now. So where does that leave us for tomorrow. The things I see here as positive are the low volume of sellers which could indicate this bear is ready for its winter nap, a Fibonacci 61.8% which coincides with the 0.85 pivot point from a couple times ago in Orko's past which could still act as a bottom, the fact that we more or less traded sideways instead of more downwards...and the stock isn't overbought anymore

Phew, that's actually quite a lot that I've written there that I like. Hm, well, still looking a bit more to the downside tomorrow although things are looking up and the downward movement today could all be easily explained by Stormy Monday.

If you haven't already watched the presentations I suggest you do so, best to start with the Latin American Mining Congress and work your way back. (knowing that the first two have some by now outdated numbers and data, the history about the story however hasn't changed)

As always, do your own due diligence, take care and prosper.

Sources
Latin American Mining Congress 2009 (image)



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