(Not My Photo; Free Use)
Source Yahoo Finance
The HUI ended higher +4.00 points (+2.35%) with a CLOSE at 174.52. On the daily chart, the fast stochastic is flat, posted a positive crossover and is no longer in oversold territory. The slow stochastic is flat, posted a positive crossover and remains fully embedded in oversold territory, which is a sign of further weakness. MACD is rising with a negative crossover of a descending Signal line. Divergence is up and under the zero mark.
Source Yahoo Finance
GLD ended higher +$0.43 (+0.36%) with a CLOSE at 118.65. On the daily chart, the fast stochastic is flat and embedded in oversold territory. The slow stochastic is flat and embedded in oversold territory. MACD is flat to rising with a negative crossover of a descending Signal line. Divergence is up and under the zero mark.
Source Yahoo Finance
SLV ended higher +$0.08 (+0.53%) with a CLOSE at 15.15. On the daily chart, the fast stochastic is flat with a positive crossover. The slow stochastic is flat with a negative crossover and embedded in oversold territory. MACD is flat with a negative crossover of a descending Signal line. Divergence is up and under the zero mark.
The main purpose of this blog is to demonstrate that the HUI trades in an orderly fashion both in "price" and "time".
I publish daily target numbers well in advance to demonstrate the orderly fashion in which the HUI moves. If the HIGH, LOW or CLOSE is within 0.50 points of a daily target number it is a "hit".
I posted the following "bear" target numbers on May 22, 2018.
181.07
179.67
178.47
177.43
175.75
173.12
170.43
168.81
Yesterday I wrote:"For tomorrow, the advantage still belongs to the Bears, with the slow stochastic fully embedded there will be no meaningful rally in the miners until that condition is resolved to the upside. The goal for the Bears is ON TO 168.81! For the Bulls the goal is to maintain contact with 170.43 or if possible above."
Today was all about the Bulls regaining territory by virtue of the Bears taking profits. The LOW came in early at 171.17. The Bulls drove the HUI to the HIGH at 175.52 (-0.23 points) for a "hit" of the Bear daily target level of 175.75. The HUI faded into the CLOSE at 174.52.
The HUI is still tracking these Bear daily target levels nicely.
For Monday, look for the Bulls to take out today's high and drive the HUI to 177.43, more importantly the Bulls need to maintain contact with 175.75. For the Bears, mount a massive attack and drive the HUI down to 168.81.
I remain long the HUI, in a "core" position. I anticipate a significant low in the HUI between July 3rd and July 11th.
GLD - nothing bullish on the charts
SLV - with the slow stochastic embedded, there is nothing for the bulls.
These are just my thoughts and observations, not advice etc.
Please share your thoughts, comments, upvote, follow.
Enjoy the weekend.
As for Monday, good luck and happy hunting!