Sunday, November 15, 2009

Orko Silver Chart November 13, 2009

Orko Silver Daily Chart
Orko Silver Chart November 13, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Friday the 13th! Truly a unique day since it occurs at least once, but at most three times a year. 2009 turns out being a super year for Friday the 13th's since we've had three this year, one in February, March and November.

When we look at Orko Silver's Friday the 13th's...strangely on both previous occasions, the next trading day following the 13th saw a lower low while Friday the 13th itself saw a higher high? That must be some odd coincidence? Check the chart, on every Friday the 13th you'll see we hit a high of a rally and the next trading day we went lower. The lower candlestick is easily visible in February, it is the blue candlestick with the long lower wick and in March it is the red candlestick in the middle. The candlestick before each of them is the Friday the 13th one.

Enough with the superstition. Time to look at what the chart is telling us. As you will know of course, the daily is used to get a short term look or to better find an entry point into the stock...while the weekly chart is used to spot the trend...which in Orko's case is up by the way.

The last couple of days Orko has been battling with the 1.00 barrier and has since last Friday sorta crossed it or rather closed at it ;-)
If this were a border dispute, I'd say there have been many attempts to cross the border and head for the inland. The more attempts the higher the probability of breaching, that is just pure mathematics. Same goes for Orko Silver.

Of the previous 2 months, Last Friday was in a way the third attempt to breach the 1.00 barrier. Now, Orko Silver has set up camp at the border again.

Now, previous attempts where lacking in some departments. This third attempt has in a way a lot going for it. It still has a Cup and Handle which could get completed,...if the market so desires. We have an emerging double bottom pattern emerging starting mid September, I've highlighted this on the chart by using the red arrows, which follow a W-shape which forms the double bottom. The double bottom is there but this one does not comply with all necessary points needed to qualify as an actual double bottom.

All in all, last couple months saw very decent volume and certainly when compared to the months July and August. Things are definitely picking up. Next trading weeks should bring us further above 1.00 and establishing a definite breach of the under 1.00 figures.

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

As you can see from the weekly chart, we are definitely in an uptrend. MACD is again above the center line and trading upwards. From the chart you can see we are trading above all the Moving Averages so, above the 10, 30 and 200 MA.

I've added some other points on the chart which I would have used to enter or exit the stock. Might be of use to you when trading other stocks. The sell point of 1.80 was obvious, we've had the 10 MA crossing below the 30 MA and going lower, besides that, the earlier trading days saw lower and lower closes. We've had a last up burst but the very next day again a confirmation of wanting to go lower so a perfect time to get out.

I would have bought again at 0.40, mind you I have to tell you, I am a bit more of an aggressive trader so safer would have been to have waited for the MA crossover which meant getting in at around 0.60. But that would have left you with some very cold feet in July and August since the stock went back to those lows.

So always look at the weekly chart. That would have told you that ditching your shares around 0.60 probably was not the smartest of things to do.

Where are we now? Pretty much the same as the daily but with stronger confirmation of trend...which is pretty much up. I'm looking for a continuation of the current trend and thus higher grounds for Orko.

If I see any change in action I will post a quick summary.

Last week's highlight taken from Pan American Silver's last news release :

Pan American has built or expanded and commissioned five new projects in the last six years and its eight mining operations are performing as expected. The Company is now focusing its development efforts on the La Preciosa silver project, in Durango, Mexico. Pan American and its joint venture partner, Orko Silver Corp., announced earlier this year that a comprehensive exploration and development program is currently underway on the plus 32,000 hectare property. Pan American's goal is to complete a feasibility study and be positioned to make a production decision for La Preciosa by the end of 2010.



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