TECH CHART/COMMENTS
We are shaping up to a nice start of the week here folks. This could get very interesting quickly.
We are at the cusp of a major breakout here. We've been playing in this trading range for a year now, and I would think we are almost done. Looking at the technical indicators and patterns, I am going to go out on a limb and say we are going to breakout and make new highs from here. All the planets, I mean indicators, ha ha, are all lined up nicely at this point. The elastic band can't take much more of this before it busts.
I see the moving averages curling up nicely. The 20MA has made a FRESH CROSS over the 50MA, and trending up at about 1 o'clock position. This isVERY BULLISH folks.
The MACD has already moved above the centerline crossover point, and trending up strongly as well. It just bounced again. An old pro in technincal indicators, told me a long time ago that a bounce s as good as a fresh cross, and fresh crosses are supreme. Just like what just happened with the 20MA and 50MA. Very bullish.
The Upper Bollinger Band is trending up strongly as well, at about 1 o'clock also. Very Bullish.
The RSI and Stochastics are trending up strongly.
We have a couple of tall white soldiers forming in the candlesticks. Those of you who understand candlesticks, know what could happen here.
Last but not least, we are at the major Resistance level again. How many times thave we been here. The longer this goes on, the stronger the rise will be when we do break out. It will happen sooner or later. Probably sooner then we think.
PEM is raising it's head above the resistance level as we speak. I think with all the other indicators turned positive, plus the excellent fundamentals of this company, plus the 43-101 about to come out anyday now, plus the 25,000mts of drilling about to get under way, plus PDAC exposure this weekend, I think it is safe to say we are not going to stay at this price for much longer.
I am going on record here and say we are days away, if not hours from a major breakout.