-- Published: Monday, 16 November 2015 | Print | Disqus
By Warren Bevan
Stocks looked so, so good going into the week but then began to crumble and later on in the week, tumble.
I did a lot of selling and have on a few stocks now as the market has turned and one we sold late Thursday plummeted nearly 27% Friday alone.
You can always buy a stock back so when I see the warning signs I don’t hesitate for long to do some selling.
Now we have to watch and see if we get a nice V type of bottom or if this weakness will spread and we look to get short.
As for the metals, gold and silver are holding support areas I talked about here last week but are setting up for a next wave lower.
Gold lost 0.51% this past week and did try to breakdown but is holding support so far.
It looks like a bear flag is forming now near $1,080 but we may see a range between there and $1,100.
We’d have to break above $1,100 for the short-term trend to change back to up.
I still do not think the major low is yet in place.
Silver lost a hefty 3.46% this past week and is also holding a support area, for now.
$14.25 is holding well for now but a bear flag appears to be forming and we could see a range trade between $14.25 and $14.50, which would have to be bested in order for the short-term trend to change back to up.
I do not see the major low as being in place yet.
Platinum lost a large 8.60% this past week as it broke hard below the support level I showed here last week at $950.
Major support on the monthly chart is right here at $885 so expect some consolidation now.
The next major support level remains $750 but I imagine we have a good chunk of consolidating to get done first.
Palladium lost a massive 13.19% on the week and is near major support now at $525.
Nasty stuff for palladium indeed and I’m looking for a good amount of consolidation here at the $525 area before we likely move lower once again.
Support below is $480 then $390.
Thank you very much for reading and you can find out more about what I do for members as we focus on leading stocks for the most part at http://wizzentrading.com
Warren
If you found this information useful, or informative please pass it on to your friends or family.
Free Service
The free weekly newsletter “Wizzen Trading” does not purport to be a financial recommendation service, nor do we profess to be a professional advisement service. Any action taken as a result of reading “Wizzen Trading” is solely the responsibility of the reader. We recommend seeking professional financial advice and performing your own due diligence before acting on any information received through “Wizzen Trading”.
| Digg This Article
-- Published: Monday, 16 November 2015 | E-Mail | Print | Source: GoldSeek.com
