Lee AdlerUnfortunately, the technical picture has turned darker in the short run. The wallstreetbets crowd bullish raid on silver hasn’t meant much for the mining sector either.
I’ve added one new mining pick to swing while we all wait for gold to start moving again.
Recent weakness has negated the upside implications of the reverse head and shoulders pattern that formed between October and January. The up phase in the 9-12 month cycle now looks like it will remain flat. Here’s what needs to happen to keep things on the up and up. And a gold miner pick to swing.
A major swing cycle is in trouble.
The cycle low is confirmed and we have new upside projections.
A big cycle low appears to be forming. Here’s what needs to happen for the up phase to play well.
As gold works on completing an important intermediate low our last round of mining picks are swinging higher. I have added stops to the newer picks and adjusted stops on existing picks to protect profits but give them room to run.
As gold’s pattern looks more promising, I’ve added 5 new picks to the chart pick list of the miners.
Signs of an intermediate low have joined last weeks indications of a short term bottom. New mining picks got off to a good start, but there are obstacles.
There are a handful of tentative short term buy signals, but… Here’s what to expect, and suggestions on how to trade the miners.