Post by
Theckman1 on Aug 12, 2022 10:55am
Anemic Volume
Continuing the trend, volume looks to be waning in this accumulation phase. A catalyst will be needed for the price to break out, whether that be an extraneous event, a move with Gold, or positive news with GMTN. I think we're finally to the point where news could actually move the stock, but I'm happy to see this base for longer while accumulating any retracements.
The S&P looks to firmly be in a bull market now, although we are getting close to the 61.8% retracement from late March (4,260), so there could be some volatility there. Otherwise, what we have in GMTN is a classic investor turnover story. Initial investors have mostly (not all) sold off and moved on, still looking back in the rearview mirror. A new set of investors, including myself, have been slowly accumulating as the story is still a solid one. Thus the decrease in selling volume as the weak holders have moved on.
Silver is what is exciting me (Gold will follow) over the coming months. I think we have a serious squeeze there over the next few years. It's heading to $23 again soon, and if it does retrace back to the $19.50 area, buy it like crazy.
Heading to the ranch this weekend (literally). All the best,
Comment by
techguy12 on Aug 16, 2022 12:15pm
Gold price is seeing another consolidation which is reflected in junior miners. I compared the trend and stock acitivity for GDXJ and GMTN and the corelation is staggering. Lets get a move in Gold and hopefully a pop in GMTN.