YeOldGoldNugget's Blog Spot: Orko Silver Chart October 22, 2009

Thursday, October 22, 2009

Orko Silver Chart October 22, 2009

By 79Atoms on Thursday, October 22, 2009

Orko Silver Daily Chart

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

A lower opening AND a lower close? Please spare me the horror. Disappointing? Sure! Discouraging? Heck no!

So we didn't break 1.00 today but we do have some decent support around this area between 0.90 and 0.95. I suppose most sellers have already parted with the shares they were willing to sell to take profits. If you look at the volumes of the red candlesticks since the start of the last rally that hasn't really been much.

That bodes well for the stock and especially so if the news Orko Silver is about to release turns out good and is well received by the market. I think with a project like La Preciosa there is bound to be added ounces in the ground. There's bound to be some hidden treasures left in the Sierra Madre.

There is an article on Seeking Alpha about junior mining companies in the Sierra Madre. You can read it here. If you haven't yet watched the classic The Treasure of the Sierra Madre (1948) starring Humphrey Bogart then I can definitely recommend it.

What I'm trying to say is, Orko Silver is way undervalued at the moment and the longer that stays that way the more violent a possible rally has to be when the market does realize this fact. Whether that is due to some new discovery, some decent new results,...I don't know what it will be but the potential for an event like that is definitely there and La Preciosa definitely has to the potential to significantly increase Orko's current resources.

To continue with the chart, we are nearing that moment again from where we could see added interest and thus added buying. Now normally I don't just look at RSI alone but with Orko's chart it does seem to be a better indicator to look at. I can then use the Fibonacci lines to sorta determine what we're looking at going lower, first that will be the 0.93 and if that doesn't hold then a return to 0.90. I think around 0.90 we will have broken the 50 RSI line.

MACD trend is downwards so does that mean Friday would have to be another day in the red? No, not necessarily. If we happen to get a low of around 0.90 that should bring up some buying alright! So yeah, basically I'm saying, wouldn't be all that bad to tap the 0.90 before ending the day in the green at 1.15.

One can only wish. COME ON Orko...bring on the good news! Us humble shareholders can take it and preferably before this month is over. We are expecting a steady flow of news releases. Pan American Silver has deep pockets already filled to the rim with shiny goods and plenty of cash and us humble Orko shareholders are anxious to see some decent shareholder value being created.

This should have started its upmarch beginning October the same moment when gold broke and held above 1000 and went on its run to 1070. So what did we get since October till now, a measly 12 cents.

Do I think Orko Silver can do better than that? You bet ya. Time will tell. To higher prices!

That's that for the chart of the day. I started an affiliate program today with Bullion Vault so if any of my readers are already thinking about buying any gold online than do consider doing so through either one of the Bullion Vault banners on my blog.

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