Profit Hunting

Not too many good looking medium/short term trades at the moment.

A few longer term charts caught my eye though;

ABX daily 10/07

ABX daily 10/07

Gold isn’t having a good time just now, and ABX is at 20 year lows just now, having just cracked down from a few long term support levels in recent months.

Medium term triple bottom support here at the key psychological $10 level may mean some bottom fishers might start stepping in soon.

However..

GLD monthly

GLD monthly

GLD still showing some signs of technical weakness, with the next support at 100.  100 on GLD (1000 on GC contract) would be a better level to step in to the likes of ABX, GOLD and GG.

GOLD between 55-60 and GGs current descending wedge formations offer a little more downside protection compared to the fresh air on ABX.

INTC monthly

INTC monthly

Intel stepping in to some strong support levels just now but with some heavy medium term weakness in the form of a year-long reversal formation (head and shoulders) on the daily.

I’m not sure how to interpret the thin relative volume at these levels.

There will be some good trades coming up here soon, since this stock has some good levels to work from.

Personally, I’d accumulate at 12 for extreme long term holds.  But that price is very very far away for a stock like Intel.

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