Post by
tobinator01 on May 09, 2024 9:38pm
Capped at $5.90.
Aris now has touched $5.90 multiple times intraday. Sellers have come out in force at this price point. The first time last Thursday, the stock hit there and then was vigorously sold down. Monday was very similar with the whack-a-mole intraday chart picture. Today the selling was not as steadfast and with Gold rallying late, helped Aris catch a bid into the close to place the price in a great position..
I believe that this specific price point is where shorts have decided to sell and go at it with vigor. They seem to be defending the 2-year high of 6.02. My suspicion is they may get nervous and cover if Aris prints $6, which could fuel a nice surge going into earnings release Tuesday.
Concerning Gold. The market has significantly changed as of late. I believe it is the Asian markets that are the principle drivers. Every night I see the Shanghai June futures contract reliably trade $40 - $50 higher than the spot price. They have been buying, while New York sells paper Gold to knock the price down during US trading hours. Today it seems, New York sellers lost their nerve particularly when the US dollar index softened. Perhaps Gold can close the week out strong and get Aris to sport a $6 handle.
[url=https://stockcharts.com/h-sc/ui?&s=ARIS.TO&p=D&yr=1&mn=0&dy=0&id=p59790594190&listNum=1&a=1260483926]Aris Short Term[/url]