Fresnillo will now touch down on very much support linesFNL has now reached a couple of support lines.
Upward move is possible...
FNLPF trade ideas
Fresnillo or the next opportunity if you missed the silverbusChart pattern: Bull Flag
Entry: 976.2$ (this would end the trend of the correction)
Stop: 825$
Target: 1750$ (1:1 Fibonacci extension of the former impulsive move)
Risk/Reward-Ratio: > 5:1
Stopmanagement: Parabolic SAR daily chart default settings
Silver and Gold Senior - At the end of its downtrendThis is making its U-turn, it takes time for this big cruise to turn around and head to north pole for Xmas.
changing direction of its mid-term and long term down trend.
50MA crossed above 200MA recently
Consolidating after strong reversal patter
short term consolidation triangle is getting too small. Volume shows perfect time for a break out
FRESNILLO PLC ReversalThe stock
LSE:FRES - Worlds largest primary silver producer.
The thesis
XAUUSD has been on a pretty strong run over the last five years, and always does well during turbulent times or when banks turn to QE . There's every indication the FED & other central banks will be printing money like it's going out of fashion over the next few months/years. Silver prices follow Gold (with higher delta) and silver stock prices follows silver (with higher delta). The GOLDSILVER ratio just had a blowoff top signalling a potential reversal in fortunes for GOLD's shiny little cousin.
The TA
Poking it's head above a 4 year trend line after a high volume inverted hammer at a key level of long term support potentially signals a reversal.
Fresnillo - LONGLong opportunities continue to present themselves while this technical standpoint continues to play out. Sized in from the bottom and looking to sit on my hands to take profit at key levels on the chart. Trade with care.
Note: This idea follows my own tried and testing trading strategy and rules. This idea does not constitute trading guidance for anyone else.
DM to learn more about learning to trade.
Fresnillo - LONGLong opportunities continue to present themselves while this technical standpoint continues to play out. Sized in from the bottom and looking to sit on my hands to take profit at key levels on the chart.
Trade with care.
Note: This idea follows my own tried and testing trading strategy and rules. This idea does not constitute trading guidance for anyone else. DM to learn more about learning to trade.
