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Purely Technicals' Blog

Precious, Industrial Metals Parting Ways?

Purely Technical Weekly Newsletter (November 12, 2006) - Featured Article:

The following is another featured article (we'd presented one here yesterday) from this week's Purely Technical. You can receive the full newsletter for FREE, by visiting our home page - www.themarketmessenger.com - and filling in the "Join Our Newsletter" form.

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Another area of the market that we have harped on about recently is that of the precious metals. We have had GLD – the Gold ETF – on our Long Stock Picks list ever since it bottomed in early October and have mentioned our bullish preference for SLV – the Silver ETF – in a couple of recent issues of this newsletter. Our calls on these metal ETFs and on a handful of stocks from related sectors have brought handy profits over the past few weeks.

Let’s see what the charts of these metals may have in store for us over the next few weeks…

Gold suffered a bit of a hiccup in the middle of the week, but was able to gain a foothold and finish the week slightly higher. This metal has been shining ever since making a positive divergence on MACD in Sept/Oct and now looks set to challenge minor resistance levels near 640, 660 and 680, respectively.

The next chart is that of Silver. This precious metal finished the week on a very strong note after making a return move to test the broken trendline that had previously acted as the upper (resistance) line of the large symmetrical triangle seen on the charts from May to October.

Price is now coming upon a minor resistance level at 13.28. If the metal can tackle this resistance level, it should experience smooth sailing until it encounters more significant resistance from the May highs at 15.0.

The chart that follows the chart of Silver is that of Platinum. This metal has had a strong couple of weeks, after having planted a positive divergence on MACD, and is now threatening to break out of a 7-month consolidation pattern that looks a little bit like a bull flag on the longer-term charts.

Given any breakout above falling resistance, currently at 1250, we could expect a further $200 move in the metal, with an outside chance of a further $500 move. We’ll further explore these targets later, once (if) 1250 is taken out.

While the precious metals are looking pretty at the moment, the same might not be true in the case of the industrial metals. We’ve been bullish on industrial metals for the past few weeks and our stock picks in this arena had been doing rather well, without being outstandingly profitable, until the past few days when a handful of them have triggered stop losses. The following two charts give us a hint as to why this has happened.

 

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Snapshot of the latest issue of Purely Technical:

 

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Articles included in this issue:

§      Market Round-up

§      Bullish Developments in Energy Complex

§      U.S. Industry Indices

§      U.S. Stock Markets in Limbo

§      Precious, Industrial Metals Parting Ways?

§      International Stock Markets Showing Bullish Breakouts

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You can join the mailing list to receive the latest issue of Purely Technical each week, by visiting our homepage at www.themarketmessenger.com and filling in the "Join Our Newsletter" form.

We look forward to being your best source for technical market analysis, stock picks, options picks and education in technical analysis and trading.

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Have a Great Trading Week!

Asher Pinto

TheMarketMessenger.com

 

Disclaimer:

This newsletter has been provided for your informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or financial product that may be referenced herein. Further, the information contained in this informational newsletter does not constitute investment advice or investment advisory services. All securities trading, whether in stocks, options, or other investment vehicles, is speculative in nature and involves substantial risk of loss. We shall not be held responsible for any losses incurred as a result of the use of any information provided herein. You are strongly encouraged to seek personal advice from your professional investment advisor and to make independent investigations before acting on any information that we publish. 

Published Wednesday, November 15, 2006 12:21 AM by Purely Technical
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Comments

 

MarketDance said:

Interesting analysis - thanks for your input!!!  I suggested people check out your reports in the MarketDance column today.  MD
November 14, 2006 11:28 PM
 

The Market Dance said:

Stocks put an uninspiring performance for most of the day yesterday, but late-day comments from St. Louis Fed President that interest rate policy is “about right” brought in the buyers for a rally in the last hour of trading.  Initially, stocks rallied
November 14, 2006 11:30 PM
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