The price has broken out of a tight 3 week reverse head and shoulders. The implied measured move target is only xxxx. Cyclicality would be favorable for an additional advance from there, after consolidation. This outlook is not carved in stone. There’s still a risk of a lower low on the 9-12 month cycle. To confirm the bullish view, the price needs to be above xxxx by the second half of August.
Over the past week the mining stock sector generated 14 charts with repeat buy signals and just 3 with repeat sell signals. That’s a good performance, especially after the previous week when there was also a preponderance of buy signals. It’s not an across the board thrust, but we’ll take what we can get. This is the first sign of a bottom, so signs of tentativeness are to be expected.
Upon visual review, I selected two charts to add to the list this week, XXX and XXX.
The two picks added last week are up an average of 3%.