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Chart Update - June 25th, 2019

The week has started with the expected volatility in both the broad markets and the precious metals space. Broad markets were down a little on Monday and then down quite a bit more today (Tues). Metals were up quite a bit on Monday and then got slammed on Tuesday when gold took a hit intra-day. They recovered somewhat into close. That being said, a few of the watch-list stocks made decent moves. Yesterday I sent out an email highlighting FLY, GTT, and PTG, while USA also had a big move. Let's take a look.

FLY made a big move yesterday and then gave it back to close the day. This is a good example of the volatility that we are seeing intra-day. It had some follow through today and still looks good.

PTG followed Friday's breakout with some big follow through on Monday and then gave a little back today, which is pretty normal after two big days. I really like the way this stock looks at the moment.

GTT broke out last week but couldn't hold those gains into close. It continues to jump up above $0.95 but always fades into close. I think this stock's near-term performance is entirely dependent on what gold does.

USA had really nice follow through on its breakout and then corrected today on gold's drop. I think this could run as long as gold doesn't have a big down day. Since it has run nicely higher already, I would consider raising the stop to the level of the breakout at around $2.60.

I pointed out the reversal that BLDP had last week and yesterday it gave some back. It opened lower again this morning but recovered the 50 dma into close, which is a good sign. I am hoping to see more follow through tomorrow.

We were hoping to see a reversal in WPRT in this area, and today it did just that by printing a bullish engulfing candle. I am looking for some follow through here. Note the stop-loss on the chart.

Call me a sucker but I am still watching HQD. The Nasdaq had a pretty bad day today and correspondingly, HQD took off. This could be bought with a stop below the low. The reason I still like this inverse ETF is because it still has a nice bowl shaped 50 dma and also because it can act as a hedge against some of our long positions. HXD, which is inverse the TSX, also looks similar and could be traded the same way.

1 comment

1 Comment

Natural Selection
Natural Selection
Jun 26, 2019

CLIQ is reversing right where we thought it might. Let's see if it holds! Gold was slammed but so far miners are holding up well.

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