Not much has changed since I provided an update on precious metals and the energy sector late last week. We are currently watching for reversals in both sectors. This week I dropped some more weak looking miners and added eight new names to the list.
Here are the new charts:
JWEL has been on our watch-list before and is currently in a great looking trend. It could be bought on a reversal with a stop-loss below the most recent swing low.
LME is also in a nice trend but probably needs to come down to the 50 dma as it has not quite reached oversold. That being said, it is worth watching because it could put in a reversal anywhere in this area.
Normally I would expect a chart like this (AAV) to drop a little further but the stochastic indicator has turned back up and it looks like it wants to move higher. One could buy it here and put a stop loss underneath the last swing low or watch it and hope that it corrects a little deeper.
PL reversed nicely off the 50 dma and could be bought right here with a stop loss under the reversal level.
RUS is trying to reverse above the 50 dma. I will buy this if it has a little more follow through early this week.
SVI was previously on our watch-list but I ditched it because it tends to have long stretches of sideways action. It looks like it wants to break out again so I have added it back in. It could be bought right here.
EGLX is trying to break out of its short term downtrend. It could be bought with the stop beneath the last swing low.
ZZZ is probably not quite ready yet but it is possible that we will see a tradable reversal before the end of the week.
Have a great week!