Tuesday, October 20, 2009

Orko Silver Chart October 20, 2009

Orko Silver Daily Chart
Orko Silver Chart October 20, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Orko Silver opened a wee bit higher than yesterday at 0.95 which is always a good way to start off the day. Again, in the early hours of trading and already 75K shares were traded. Promising for the rest of the day is what I thought and indeed a little over half past eleven is when we put our high of the day on the boards. Really nice to see a high of 0.98 again.

Sadly, no march at or beyond 1.00 today. Looking at the Kitco Silver Spot chart and comparing it to an hourly 1 day Orko Silver chart (1d on Google) you will immediately notice the similarities. Silver lost more than 20 cents in half an hour and was brought back to around 17.40.

Orko Silver managed to climb back to 0.97 due to someone buying 11.000 shares a little before 2 o clock. The rest of the day was on lower bids only driving the price down again and into a close of 0.940 -0.010 (-1.05%).

So, that's that for the bad part. Here comes the good part. Looking at the chart I see an inverted hammer appearing.


Check the article on informedtrades.com for more info.

Now mind you, the signal is not that strong. I am for one missing the increased volume but we will have to wait and see what tomorrows trading brings. We need to look for a confirmation which means, preferably a higher opening and definitely a higher close. Will we finally have a day in the green tomorrow for Orko Silver?

Wait, let me rub my goldnugget.........

Kitco 24 Hour Spot Silver Chart
Kitco 24 Hour Spot Silver Chart October 20, 2009
Chart is courtesy of Kitco.com

But then again and looking at the rest of the commodities market we cannot complain cause there are others which did far worse. It was a day in the red for most stocks across the board.

US stocks fell, weighed down by disappointing third-quarter revenue from DuPont and Coca-Cola, while worse-than-expected data on home building and building permits hurt Home Depot and other housing-related companies.

That was the story on the Wall Street Journal anyway.

Hm, I remember reading a story about people starting to worry about inflation and turning to commodities. I'd say they were right to be worried since gold is a prime indicator of inflation and the fact that it is trading above AND holding above a 1000 should speak volumes.

And for most juniors there is still a long long way to travel before they reach earlier pre-crisis highs. Still most are undervalued and oversold. A lot of funds and institutes however are returning, I am reading stories here and there about some funds again venturing on the exchanges and into the commodities.

So yes, more and more signals are indicating that not only should Orko Silver perform well in the weeks and months ahead but most juniors with solid projects will see added attention and recognition from investors.

I'm long Gold, long Silver and Long Orko!

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4 comments:

  1. US Dollar has broken support!
    Gold and silver should rally any time now.

    ReplyDelete
  2. If we were looking for an event to get gold and silver a step higher then this would be it!

    Coming days should be exciting.

    ReplyDelete
  3. 13:31:24 CIBC World Markets Inc. buying 16500 shares at 0.96 - 0.97.
    The selling (0.95) is with low volume and those shares are also scooped up by CIBC.
    Hope they keep it up :-)

    ReplyDelete
  4. And there we have the 0.98.
    2000 shares bought by TD Securities Inc.

    ReplyDelete

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