RE: RE: SK - technicalsGreetings. We've been quiet watchers and holders of SK for quite some time now.
When we last updated the technical picture, in late August 2010, the stock had just broken into the low-
.20 range and we wrote :
The 200-week MA for Skyline held exactly and a nearly year-long uptrend remains in place. The resistance currently is that the daily and weekly RSI are getting into a high range, and this price level is where SK rallies have stalled before. Lastly there's a downtrend stretching back to day 1 in 2006 left to hurdle, and gold itself is very toppy.
Worst case should be consolidation, perhaps 'til as far out as spring 2011, above 15c but a longer consolidation would only suggest a much higher eventual run so it's all looking very good for those who are patient longs in SK.
Be aware that we're right on track. Spring 2011 is just ahead, and the stock has only moved sideways since we posted that prediction. Currently the stock price sits just above the 200-day moving average. That moving average proved to be important in September 2009, April 2010, August 2010, and January 2011. Also the stock price sites right above a nearly 1-year uptrend which began in March 2010.
That's as "make or break" as it gets, on a technical basis, so we should see the start of a significant move up or down very soon. If the stock breaks down, it'll probably end the move in the low-mid teens and consolidate there awhile, though it could continue below
.10 in scenario of lower probability. if it rallies, there should be some resistance in the mid-
.30 range and it could reach near
.50 for the move.