Tuesday, December 22, 2009

Orko Silver's Strong Performance

Orko Silver still going strong.

Orko Silver Daily Chart
Orko Silver Daily Chart December 23, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis Marketclub - Orko Silver Corp. Trend Analysis (What's this?)

Well, not much has changed since I wrote up my last chart. Not for Orko Silver anyway which is still going strong despite a correcting gold and silver market. Just goes to show how a stock gets a reputation of being a strong performer. That title in my book at least is also bestowed on stocks that can witter any storm.

Just compare Orko Silver to most other stocks. Result. Orko holds, most others drop!

Besides that, just take a look at some of the profits one could have taken since Orko Silver started its up march. From early September trading around $0.60 and going to $0.90 up to November for a 50% gain. Then, from early November from $0.90 to around now $1.25 for another near 40% gain.

Also, just take a look at some of these volumes of the last couple of days :
  • December 16, 2009 Volume 875K
  • December 17, 2009 Volume 689K
  • December 21, 2009 Volume 447K
That is some very steady trading to put it mildly. I don't know why but I have the feeling that someone is loading up on shares around $1.20. If that is the case than when this party is done with their Christmas shopping then I expect we could see the start of another UP rally.

I think we have plenty of support at $1.00 and some additional support at $1.10. Anything below that is buying opportunity in my book and that is not saying that it still isn't cheap at $1.20...cause it is.

MACD or the Moving Average Convergence Divergence indicator is trending downwards but not with such strength so as to be concerned. I think this will bounce back up way before we hit the center line. This already shows in the histogram. As you see, the histogram is not increasing but remaining the same.

From the chart we can also see we are still trading above all Moving Averages, and above, well sorta cause we are right at the 10 MA which is around $1.20

So on the daily, I still do not see any considerable downside from here so therefor I must conclude that until said party is loaded up we will remain pricebound around these prices of $1.10 to $1.25.

Orko Silver Weekly Chart
Orko Silver Weekly Chart December 23, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis Marketclub - Orko Silver Corp. Trend Analysis (What's this?)

Weekly, still looking at a BULLISH chart. There is this small delay in Durango station we are experiencing but I reckon we are just loading up on passengers until the Silver Train is fully booked up and ready to go!

The rise in average volume can clearly be seen on the weekly chart. I've drawn a red arrow beneath the red line to visualize this. So, more and more shares are changing hands.

MACD is trending upwards and above the center line and thus our UP trend is still intact.

Orko Silver Weekly ADX Chart
Orko Silver Weekly ADX Chart December 23, 2009

I've also added the ADX chart. Again on the ADX, the Average Directional Index can determine trend strength regardless of the market direction. This non-directional oscillator is based on a range of 1 to 100 (although movements over 60 are rare). If the line is under the 20 mark, the trend is considered to be weak. If the line is above the 40 mark, the trend is considered to be strong. The ADX line is built on the results of two separate technical indicators, the +DI (force of up-moves) and the –DI (force of the down-moves). The default for this study is 14 periods which takes into the consideration the measurements of the +DI and –DI for the last 14 periods.

Knowing this and taking a look at Orko's ADX...clearly UP and the trend is qualifying for a STRONG rating.



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