GREY:RIVVF - Post by User
Post by
eebleron Oct 20, 2010 3:24pm
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Post# 17588970
Descending Flag Pattern (?)
Descending Flag Pattern (?)It may be a little premature to call, but at a glance RN might be in the midst of a descending flag pattern. If it tops out around 1.78-1.79 and then turns back down again despite stability in the POG, then don't be surprised if it heads towards 1.60 as the next bottom, assuming no catalyst comes along to change the pattern. Hard to say how many bounces it will do and where it would bottom if it is in that pattern, but I would be surprised to see it go below 1.50. If I'm right, I will keep adding on each of the bottoms and hope for a catalyst to break the spell and get it back on the radar as I believe that there is way more than 2m ozs here and production from two mines in the next few years should see a multiple on the current price.
eebler