Cline Mining Corporation T.CMK

My take on the chart

[challenger426]

Looking at the chart for CMK,  there is a good possibility for a further upside providing this is not an orchestrated pump and dump.

The first thing to note is that we have increasing volume which supports a possible continued run.  A rising share price without volume never lasts long.  In this case you can see the recent rising volume of buying represented by the black bars.  This usually helps support the share price as it tries to head higher.  Tomorrow will be interesting to see if we take out the 29 cent range.  If so, the 30's don't show much resistance.  CMK has broken above the 20 and 50 DMA's.  The MACD gave a BUY signal about 1 week ago.  Lots of positives here and it does look like there is some momentum as the short term indicators look good.

By the way:

American Bulls confirmed a BUY today.

Also:

CMK appears to be in a Medium-term rally confirmed by multiple indicators. Most importantly, the 5-day moving average (used rather than last price by our model to reduce false signals) is above both the 20 and 50-day moving averages.

Latest signal:

Recent CandleStick Analysis
Bullish

 

Date	Candle
Oct-31-2012	Bullish Engulfing

[biren1]

Glad i loaded up on more shares in the 17 cent range. This had all the smells of being heavily undervalued; especially with a mine capable of producing the large amounts of coal that elk is able too. Just a question of met coal prices rising again, which is inevitable. Long term, this is still a good stock to be in GLTA