This doesn’t look good.
Our entry into last week’s 3 mining picks did not go well. They’re all down a little and are threatening to break support. Consequently, I’ve added stops just below those support levels.
If they hold above that, there’s still a good chance of a rally, but if they break, we’ll take our lumps and come back to fight another day. Once or twice a year we see playable profitable rallies, but we never know where and when they’ll emerge. It requires dipping toes in the water whenever the potential appears. Sometimes it plays out and sometimes it doesn’t in this most frustrating of market sectors.
For the week, there were 22 charts with multiple buy signals. There are 13 with multiple sell signals. But, on Tuesday alone, there were just 2 buys, and 18 sells. It’s not a picture that xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxx. Non-subscribers, click here for access.
After reviewing the 22 charts with multiple buys, virtually all performed poorly on Tuesday, and none looked any more promising than the 3 picks already on the list. And like the 3 existing picks, all were in position for possible breakdowns. So there are no new picks this week. Wait till next week. Non-subscribers, click here for access.