YeOldGoldNugget's Blog Spot: Orko Silver Chart October 26, 2009

Monday, October 26, 2009

Orko Silver Chart October 26, 2009

By 79Atoms on Monday, October 26, 2009

Orko Silver Daily Chart

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

Anyone else got the same feeling today like it was Christmas? Who called Santa Claus anyway? Looks like the entire world was celebrating Christmas with the exclusion of only a handful of countries like Russia, Indonesia, South-Africa and our ever beautiful Brazil. The rest across the board was ALL red. That was index wise but gold, silver and oil fared no better!

Hm, how did our precious undervalued little Orko Silver fare on such a day?

Well, not too bad really. I am getting more and more confirmation of Orko Silver being in a solid trading range between 0.90 and 1.05. That also means there is a bottom here somewhere. Perfect opportunity to either add to a position or to enter fresh. Try a couple stinker bids.

As you can see from the chart the up days where on pretty large volumes and those days were not a single event. Plenty of buying went on. Today I got word from a friend who has access to full level 2 quotes and he said another large bid of 100K was placed at around 0.90. So the interest is definitely there and that also means that that same interest will also be here when Orko Silver releases their news. Now they will still try to place stinker bids and who can blame them on a day like this. Who wouldn't want to get Orko Silver shares that cheaply after seeing the valuations I did earlier.

Today Orko Silver opened lower at 0.93, well, at least nobody will be saying that a lower opening was not all that unexpected on a day like this. We also hit a new 3 day low of 0.92 a bit later on in the day but we did manage to close higher at 0.940 -0.020 (-2.08%) due to a late bidder getting 2000 shares.

So yes, this day of slaughter brought us again under the 10 Moving Average line. I see the MACD a bit trending down short term but the move is still within acceptable boundaries and a reversal could be not all too far away. The RSI or Relative Strength Indicator is nearing the 50 line again which has proven itself to be a point at which we could see a bounce back up.

That is providing we don't get a continuation of today's action on the global markets. If the drop continues then I expect Orko Silver to maybe look up the 0.90 again and then trade sideways for a while.