YeOldGoldNugget's Blog Spot: Doji

Showing posts with label Doji. Show all posts

Monday, October 19, 2009

Orko Silver Chart October 19, 2009

By 79Atoms on Monday, October 19, 2009

Orko Silver Daily Chart

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

OK, silver last night still was trading around $17.40 in Hong Kong. I thought, oh well no harm done. So I was already taking into account the possibility of another sideways day or a day in the red for Orko Silver.

So, by opening in NYMEX I was pretty excited to see silver breaking $17.50 and heading higher. Sadly, for Orko Silver it was not meant to be. Mondays, bloody Mondays...is what the song should have been called but then again, 30 January 1972 was not on a Monday but indeed on a Sunday.

Orko Silver opened lower at 0.94 and the high of the day which was 0.96 was already put on the boards in the first hour of trading. The rest of the day was a tug of war between 0.94 and 0.95. We closed the day at 0.950 -0.020 (-2.06%).

Now, why did Orko Silver close in the red with such a strong move in not only silver but the entire commodities sector, not to mention basically every other sector you can think of pretty much went up today.

I'd tell you if I knew the real answer to that one so you'll have to do with your own reasons, I'd love to hear them.

As you can see from the chart Orko Silver dropped back to the 10 MA line and made a decent low of 0.92. I'm hoping this holds here and goes back up tomorrow. MACD wise it's too early to tell. Could bounce up, could break through the 10 MA and head lower. This depends totally on the market.

We still have some news due from Orko Silver and we still have the Cup and Handle pattern going so I'm still bullish on Orko Silver for the near term. It appears the market did not agree with me disagreeing the earlier Doji but we will see what tomorrows trading action will bring.

The next bit of the article is something I found out about when looking through my MarketClub (my paid subscription charting software / alert service). Didn't know other users also could use some of its features for free so here it goes.

Market Club Trend Analysis
From now on I will also be posting a link to Marketclub - Orko Silver Corp. Trend Analysis.

The thing is, I know Marketclub for a while now, I stumbled onto their site when I was looking for better online charts and basically a little bit more than I could with my own brokers website which to put it mildly was severely lacking in the charting department.

Now, I first have to try out everything and see if it really is worth anything before I will use it on my own blog. The courtesy links are due to copyright and legal issues so I have to mention that each time I post a screen-shot of their charts which I actually already kinda did since I try to give credit where credit is due.

But that aside, everyday before I start writing my article I get this Trend Analysis in front of my eyes when I open the Orko Silver chart so I thought, maybe I can use that on my blog. The following is a screen-shot of how it looks like from my mailbox.

Trend Analysis is courtesy of marketclub.

Well, I asked them if I could post the daily trend screen-shot but sadly I was not allowed to legal-wise since you either have to be a paying member (like me) or to register to get these alerts. Well, I can understand that. Therefore, today I will just show you what it looks like and then you can make up your own mind.

Me personally, I don't really need it cause the chart tells me enough to make up my own mind but I can imagine that there are other people that would appreciate a daily trend update on their other stocks. I use MarketClub mostly for their charts, some video's and their alerts which I can configure and which get triggered by such and such event and they then get e-mailed to me when they happen. Has turned out very useful!

The Trend Analysis they do is something any charter with some knowledge can do but for others it could be very useful nonetheless and MarketClub has turned out quite useful for me overall.

So, do with it as you please, I'm not one to promote crap or to lie to my readers nor do I plan to use heavy advertising on my blog nor do I use the AD-sense from Google or what not. Well, I had used none actually :-)

So, no, don't worry, there will be no pop-ups, no pop-unders, no heavy intrusive banners between paragraphs or all over my blog. There will only be one banner posted in the header, sometimes one at the bottom of an article and one in the right column and they will be in tune with the style of the blog and hopefully not intrusive. If they are considered intrusive be sure to comment on that, I sure appreciate any input and will take every response in consideration. The banners I have chosen are directed to respectable websites which I myself have first tried and tested for merit.

Edit October 25th.
New affiliate program with BullionVault. It is not required but those readers that feel the need to contribute and in a way credit me for my work can now do so by clicking on one of the BullionVault banners and consider opening an account with them. You can check out their Governance F.A.Q and find out more about them.

That goes the same for MarketClub. You can check them out by reading their help page or you can check out what they're offering by registering for a free 30-day trial. For those who do, definitely check out the alert section.

YeOldGoldNugget's links of interest

Saturday, October 17, 2009

Orko Silver Chart October 16, 2009

By 79Atoms on Saturday, October 17, 2009

Orko Silver Daily Chart

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

OK, on October 14 I did see a long legged Doji on the chart but next days action was not of that particular kind so as to give too much credibility to the Doji. If you look back at the earlier Doji I pointed out on September the 22nd. The next days trade completely covered or rather engulfed that long legged Doji. Now, that is a clearer signal indicating to me that there is indeed the possibility of more downward movement coming in the days ahead.

Now, I do not have to that feeling. Sure we opened lower at 0.98 and yes we didn't break the 1.00 barrier but if you take a look at the sector chart then I must admit that Orko Silver really didn't do that badly despite the close in the red of 0.970 -0.010 (-1.02%).

Google Finance - Sector Summary Chart October 16, 2009

Chart courtesy of Google Finance

You can see that the basic materials sector has dropped by 0.87%, now that's not much but due to that there are other silver juniors that were hurt more than Orko Silver.

On with Orko Silver, there is still a good chance that the Cup and Handle continuation pattern will still come to being. Its getting close to the end of October and based on my averages that would be anywhere from around right now and the beginning of November that a news release can be expected. Me, I'm hoping and rooting for next week.

So, chart wise I'm still very bullish on the chart I see before my eyes, I am still awaiting a clear breakout above 1.00. With that I mean solid close and stay above the 1.00 mark. With a possible news release in the pipeline, a closing Cup and Handle continuation pattern with a target of 1.40, Pan American Silver with plenty of money and Orko Silver who has the explorer skills and the goods (La Preciosa),...I'd say...buckle up and enjoy the ride!

As I have explained before, Orko Silver and Pan American Silver are engaged in a drilling program which will last us through the year and beyond. My guess is with looking at the recent friendly takeover of Aquiline Resources by Pan American Silver I'd say there is no time like the present to make sure you take full advantage of the coming bull run in gold, silver and the commodities.

We as investors can do so by investing in either gold and silver junior miners like Orko Silver Corp, Great Panther Resources, First Majestic Silver and many many more or we can buy gold or silver bullion, with that I mean the real physical stuff, not the pixie-dust and fairy-tale things like ETF's but real ounces of gold in coins or bars.

U.S. investors can do so by ordering them through one of the larger bullion online stores like Northwest Territorial Mint or BullionVault.

Canadian investors can order them at the Royal Canadian Mint or look around your area to see if a mint is nearby.

Flags of US and Canada image courtesy of 4 International Flags

YeOldGoldNugget's links of interest

Tuesday, October 13, 2009

Orko Silver Chart October 13, 2009

By 79Atoms on Tuesday, October 13, 2009

Orko Silver Daily Chart

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

As you can see on the chart the rally in silver started October the 5th and saw us go from a low of 16.11 to a high of 16.91, then to 17.40 and from there to 17.88.
It then went a bit sideways with each day since October the 7th making one or more runs at the 18.00 mark. Each and every day since then.

As you can see on the chart, or can't see, sorry about that, noticed it after I already edited it that the cursor was left on the Doji. Oh well, its there, believe me. But as indicated from earlier February this year there also was a Doji in an ongoing uptrend. So with all basic fundamentals in order I am gladly willing to concede to the fact that this indecisiveness is just a small pondering on prices and to be more specific as to where these prices will go...20 or 25 this time.

All in all, these eyes are looking at a bullish chart.

Next I've added the Kitco Silver chart cause that will show you the dip which...coincidentally again starts in NYMEX trading and pulls silver down to around 17.55 but that is quickly countered and silver was bought back up to above 17.80.

24 Hour Spot Silver Chart

Chart is courtesy of Kitco.com

That dip coincided with some really poor start for Orko Silver this morning.

Orko Silver Daily Chart

Chart is courtesy of marketclub.

Well as you can see from the Kitco chart I had already figured we were gonna get some lower opening which in fact turned out to be the case since we opened at 0.91. Silver's pull-down in NYMEX didn't really help Orko's case as that saw us go to the low of the day which was 0.89 and also brought us in the red. Just for a while though cause again like I indicated before at High Noon, 12 AM sharp we were again brought back above 17.80 with silver. Like clockwork!

After seeing that the rest of the day was already written. The entire afternoon saw us trading higher, early on at 0.94 and also the high of the day of 0.97 a little before three o clock. We closed the day at 0.960 +0.060 (6.67%)

We again had some decent volume of shares traded which stands at about 450K which is pretty decent volume if I say so myself. MACD wise, the blue looks like its about to cross over the red line which is bullish and could be a sign of the next leg up.

For tomorrow I have no other option but to look at another up day or rather a higher close towards getting to and over 1.00.

All the best and check back cause I haven't quite finished all I was about to say but I will add some links later.

YeOldGoldNugget's links of interest

Thursday, September 24, 2009

Orko Silver Chart September 24, 2009

By 79Atoms on Thursday, September 24, 2009

Daily Chart

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

Lets start with a brief summary from the last couple of days, OK? So, we had an RSI indicator turning down on the 18th of September, after that we had our Japanese candlestick pattern called a Doji which was put on the boards on the 22nd of September, we've had yesterday's closing in the red as the start of the confirmation of the downtrend together with a little tap on the 10 MA line....and today we've had an increase in volume and NO, those were not buyers and we're looking at a downwards bending MACD indicator.

If I were in the woods right now I'd be more concerned about bears on the prowl than I would be about stampeding bulls. YeOldGoldNugget looks around and comes to the conclusion he ain't in Kansas no more! Come to think of it, this looks vaguely familiar, lots of green thingies, large brown skyscrapers with lots of green thingies on them, ground feels kinda squishy and moldy,...definitely not in Kansas any more! At least I don't have to deal with them stampeding bulls anymore which they had over there. So, that settles it, we're in the woods, but not just yet out of the woods, if you're following me. So, no more bulls to trample me, that's a good thing right? I wish! No, usually with my kind of luck getting rid of the bulls I just might have gotten in an even worse predicament. Anyone know if there are any bears lurking around Vancouver woods?

For those who didn't sharpen their pencils today, the above written piece was me explaining how I think we now have a definite confirmation of a stock looking at a consolidation.

So, imagine yourself asking that same old same old question, like the one you ask when your wife trashed her car once again

how much is this gonna cost me?

Translated to the stock market, how low is this gonna go.

Well, take a look at the chart and in particular the wide green translucent bar I placed on the chart at the 0.85 level. Now honestly and I am really really serious here and yes, I do get those questions so again, NO, I do not have a hat filled with little pieces of paper from which I let my wife pick one each day. Please, some credit :-)

Well, the 0.85 didn't like a rabbit get pulled out of some hat. This time it came out of a lot of earlier resistances and supports. Not only that, if I draw some Fibonacci lines from the low to the high I get the exact same support. Coincidence, hardly!

So, if our precious Orko Silver is to do some much needed consolidation then I'm looking at 0.85 as a bottom from which to gain momentum and the start of the next upleg for Orko looking to make a break above 1.00 and 1.10. Myself I'm looking at more bullish values cause I also think that when we get to that point silver will have already started its similar next leg up. Looking at the chart of gold I can see a possible low of 960. Not saying it will go down but if its going down it will probably head to those regions before you can expect renewed interest. The same is true for silver.

The writer does need to point out that we still did not really close far under 0.90 so technically, this stock is still in an uptrend. So to say we are 100% looking at a day in the red tomorrow,...I'd say uh uh!

Then one last thing I wanted to show you.

Daily chart (Doji - March)

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

Take a look at the end of March 2009. What you see there is not just any ordinary Doji, that's a Long Legged Doji and if found on a stock which has seen an uptrend, not a very pretty picture I tell you. If Orko Silver was trading on the Tokyo Stock Exchange and we were standing in the TSE trading halls and traders would see a Doji like that, they would be chanting, Doji Doji Doji Doji Doji Doji,...and the stock would drop from the ensued selling.

Thanks for reading, hope you enjoyed and see you tomorrow. Take care and prosper.

Source : picture Vancouver woods. My thanks go to the High Energy Physics Group of the University of Illinois.

YeOldGoldNugget's links of interest

Wednesday, September 23, 2009

Orko Silver Chart September 23, 2009

By 79Atoms on Wednesday, September 23, 2009

Daily Chart

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

Well we closed in the red that's for sure! The action of the day brought us a low of 0.90 which you can see on the chart is where the Moving Average 10 line runs. This means that if we cross that line that means the stock will go below the average of the last 10 trading days which is definitely not a bullish sign.

But coupled with that negative, the stock to me is still considered to be in an uptrend until we get another down day and a move beneath that 10 MA, beneath 0.90 then I mean.

10 MA Chart

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

So then, what are we looking at for tomorrow. Well, I see the volume is decreasing since today only saw 178K shares changing hands, going down from earlier days which saw volumes of 250K and more. Is that bad? Hmm, hard to say, doesn't have to be really.

Even with all the indicators in the red (see 1st chart) I'm still looking at a stock in a strong uptrend. So based on that I seem to end up with conflicting indicators. You see, it could very well be that just tapping beneath the 10 MA and crossing the 70 RSI line was sufficient enough to give this stock a breather and that we might close in the green tomorrow.

Today with the close in the red it should have been a confirmation of the Doji and the consolidation, however to me,...its NOT! I still do not have the feeling that this thing is meant to go down. Don't know why but that's how I feel. The trading today was not of the kind that I was expecting after being so long in the overbought zone and last days close with a Doji. The stock only went down 1.05% and saw a close of 0.94.

But markets never seize to amaze me so I will have to go against my gut feeling and say our precious silver stock is looking at another down day tomorrow.

Take care and prosper. Oh and do spare a moment to vote on the poll and take part in the survey I posted.

YeOldGoldNugget's links of interest

Tuesday, September 22, 2009

Orko Silver Chart September 22, 2009

By 79Atoms on Tuesday, September 22, 2009

Daily Chart

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

Another very interesting day which saw a high of 0.97, a low of 0.92 and a close at 0.95 (3.26%)

Now, for the last days anyone who has been reading my blog will have noticed I've been very bullish on Orko Silver and with very good reason cause the prophecised 1.00 was broken and we've had a very good run up. However I am now wondering if we are at the forefront of a consolidation?

Do allow me to elaborate...if you take a look at the daily chart you'll notice that I put a 'Doji'

comment on the chart with a question mark.
Now, for those not familiar with Japanese candlestick patterns that won't mean much but to those who are familiar with them will know what to look for in the coming days if the confirmation comes.

Those not familiar with this pattern, a Doji is characterized by having a very small body, meaning that we opened and closed at the same price.

Now if that doesn't mean anything to you, allow me to confuse you even more, if you look at a Doji like a Dojo where a bear and a bull will engage in combat which lasts several hours and leaves no clear winner or loser...then that would be a Doji.

However, in this case the no clear winner part is not entirely true. The Doji we are seeing now has appeared after a strong uptrend. That makes a huge difference since a Doji on its own doesn't mean much. Combine a Doji however in a strong uptrend or a strong downtrend and the picture changes completely...in this case favoring the bear over the bull.

When a Doji appears on a chart on a stock which has seen a big uptrend, it combined with other indicators (RSI) points to a reversal in trend.

So basically, what we have to look at tomorrow is,...is the stock going to close in the red or in the green?
If the stock closes in the green, fine, no harm done and we can move on. If the stock closes in the red we'd have to decide then if this is really the start of a consolidation and how big or small a pullback we're looking at.

Other indicators are still pointing all upwards, so without the Doji I'd have written just the same outcome as previous days. Now, I'd say, I'm not so sure. I have to wait and see what tomorrows trading brings.

Take care and prosper...till tomorrow.