Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Freezing Temperatures Could Heat Up Natural Gas Prices
By: Frank Holmes

Asian Metals Market Update: Nov 20 2018
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain While Stocks Drop
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 19 2018
By: Ira Epstein

Handicapping the Precious Metals Through Year-End
By: Michael Ballanger

Calls Intensify for Halting Interest Rate Hikes
By: Clint Siegner

Technical Scoop - Weekend Update November 19 2018
By: David Chapman

Gold: Still Money For a Reason
By: Rory Hall

GoldSeek Radio: Bill Murphy and Rob Kirby, and Chris Waltzek
By: radio.GoldSeek.com

SWOT Analysis: M and A in the Goldfields
By: Frank Holmes

 
Search

GoldSeek Web

 
Inches from Yet Another Bear Panic

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 23 September 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/09/SP-futures-are-poised.jpg

Short-covering on Thursday shredded a clear Hidden Pivot resistance at 2162.25, implying higher prices are likely. Bulls will face a daunting challenge, however, in the form of supply that stretches back to early August. Most buyers since then would have gotten aboard at or near record highs and weathered the one-day plunge that occurred on September 9; many of them will be understandably eager to get out ‘even’. That’s why there will be plenty of stock offered for sale as the week draws to a close. However, bears alarmed by the persistence and ferocity of the rally since the v-shaped low two weeks ago are probably even more eager to cover short positions, and that’s I expect the old record highs to be surpassed. If this is in fact how things unfold on Friday, there should be discernible resistance nevertheless at the 2182.94 ‘secondary’ pivot shown in the chart as a pink line. However, a close above it for two consecutive bars, or a decisive move past it intraday, would put the futures on course for a romp next week to the 2210.50 target, or to 2226.50 if any higher. Either of those two Hidden Pivots would make for an appealing place to try shorting ahead of a possible Mother of All Tops. We’ve made money being wrong on this bet many times in the past, and caught some exhilarating but short-lived downdrafts. Ask traders about this in the chat room if you are skeptical. In the meantime, there is potentially as much as 60 points of upside to get long, presumably using ‘mechanical’ bids and/or camouflage entry tactics at p or p2 — respectively, the red and pink lines. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription.

 


| Digg This Article
 -- Published: Friday, 23 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2018



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.