TAN
This is one I expect will see lower prices. You’ve currently got support at the monthly 20ema, but that’s about it, and watch to see how it looks at the end of Dec. The stock is below all the short ma’s on the weekly, and unless you get an $8 move this week it’ll stay that way.
On the daily chart you’ve got horizontal support at around $75 and if that fails it’s likely going back to that last major swing low at 67.69, and then likely lower. Again the 10ma on this chart is the first line in the sand. Watch for price to consolidate and get above the 10 then the 20ema. Based on how it looks right now it wouldn’t surprise me to see this eventually test the lower line of the channel drawn here in the mid 50’s.
QCLN
This one is very similar but a little better looking than TAN. Again see where it’s at with the MA’s on the monthly and weekly charts. On the daily it’s going to test the 130ma. See if it gets a close above that and holds for the next couple days. If it goes higher it needs to get above the 20ema and hold. If it gets rejected see what kind of retracement it does and if it finds support at the 50 - 61.8% levels, which would be right around where the 260ema is on the chart (it’s orange). The pink horizontal line is a gap that didn’t quite get filled at the recent low.
Right now I wouldn’t do anything with any of them. I would need probably another couple weeks to see if any kind of support is being established.
Thanks Rich. Watch list and patience on all three. Getting a list together and looking for opportunities when they arise.
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BKRRF/BRC
I have owned shares of BKRRF for about 8 months. In the past week it has been under some pretty decent accumulation, even yesterday with BRC closed to trading and today it’s had some decent bids this morning. I bought it as a technical play but I believe the company is looking to be acquired. There is an adam & eve formation which has played out to its target at .81, but the buyer(s) don’t seem concerned with that. My basis is about .733 and was hoping to buy more on a pullback, but so far it’s not looking like I’ll be able to lower my basis.
On the monthly chart, lower right, the stock has held the 20ema for support like a champ and is now in a resistance zone between about .81 - .86. On the weekly chart I have some horizontal resistance lines drawn, but at this point I’m thinking the stock could move up to the downtrend line. If it gets there this week then it will find resistance there at about .8965. If a breakout should occur this week of the long pennant formation then the target price would be 1.63.
On the large daily chart an adam & eve has already played out to fruition, but there is still a buyer of size that has been on the bid on and off for the past two days. I wish I had noticed that formation as it was forming but I haven’t been paying a lot of attention to my mining stocks for a few months. If the buying should dry up and the stock pulls back, support could be found at the 50ma around .762, and then lower in the .72 - .68 range. I expect .72 area would be solid support.
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NVO/NSRPF
The weekly chart is on the upper right. There is not much new there. We want to see a move above the purple 10ma and red 20ema and life will be a lot happier for NVO investors. Now for the better news… The daily chart on the left is showing some early signs of a reversal now. During the formation of what at this time appears to be a double bottom NVO made a swing high (1) of 1.36. From there the low was retested and held as support. Next we had a fairly large bullish candle on decent volume that pushed through the prior 1.36 swing high and closed a tick above it. Then we got follow through the next day, although on very low volume and little price movement, but the 1.36 level held as support (2). Wednesday we made a higher high to 1.45 on very nice volume. It would have been nice to get more price action and at least tested the blue 50ma (3), but we are in a holiday period with a lot of people out of the market until next year. Now ideally the 1.36 support will continue to do its job and we get a close above the 50ma. It won’t take but a week with price above it for it to start flattening out then turning upward. Then we need to get to the next swing high at 1.75 and get above that, and while we’re at it that black moving avg. For me, when we get above that MA especially, NVO will be back on the bull.
I posted a list on Other Mining Stocks 2022 that I hope folks will find interesting enough to comment on.
Looks like lots of chart fodder there! 
I’m going to re-post it here for easy access…
Speculative Stocks
(watchlist – add on opportunity)
| Stock |
P/E |
Mkt Cap |
| BKRRF |
-3.22 |
48.2M |
| DOLLF |
-10.3 |
44.6M |
| GPL |
-5.35 |
78.9M |
| IRVRF |
-14.9 |
63.2M |
| IVS.V |
-13.51 |
27,2M |
| LTHHF |
-23.1 |
127.4M |
| MLLOF |
-5.47 |
8.0M |
| NRGOF |
-3.57 |
10.9M |
| SKE |
-5.23 |
652M |
| SLVRF |
-21 |
70.7M |
| ESKYF |
-17.5 |
326M |
| LAB.V |
-26.5 |
71.3M |
| NKOSF |
-27 |
56.4M |
| SSVR.V |
-9.45 |
58.9M |
| SSVRF |
-9.5 |
46.4M |
| RRSSF |
44.7 |
575.4M |
Stocks for Accumulation (Value? presently under 200 MA?)
| Stock |
P/E |
Mkt Cap |
Div |
| ATUSF |
14.7 |
587M |
1.37% |
| BTG |
8.81 |
4.0B |
4.23% |
| FSM |
11.3 |
1.1B |
|
| FTCO |
5.9 |
151M |
4.66% |
| GOLD |
16.7 |
33B |
1.4%% |
| JAGGF |
5.4 |
240M |
5.8% |
| NEM |
23.8 |
48.1B |
3.65% |
| NSR |
34.3 |
433.5M |
1% |
| RGLD |
4.05 |
6.7B |
1.18% |
| VALE |
3.51 |
66.8B |
19.8% |
Dividend & Spec?
| Stock |
P/E |
Mkt Cap |
Div |
| FUND |
2.89 |
253M |
8.70% |
| IBM |
26.7 |
124B |
4.60% |
| JBSAY |
4.75 |
14.8B |
8.70% |
| MMP |
11.41 |
10.1B |
8.70% |
| URA |
|
1.26B |
5.40% |
Wildcards (mostly full positions) long-term holds
AUMC
ARV.AU
KRRGF
MDMN
NFGC
OROCF
SAND
SKE
WPM
ELO/ELRRF
Pretty simple daily interval chart for ELO. Since last July most of the pullbacks that occurred went either to the orange 260 EMA or a well established trend line that is part of a long pennant consolidation that I expect will eventually be the launch point into the multi-multi-dollardom that is anticipated at some future point. Yesterday ELO dipped below the 260 EMA and closed above it. Same today and it closed nicely higher. Volume wasn’t great, but it didn’t suck either. In other good news, the 260 EMA is perfectly residing in the exact same price line as the 61.8% retracement of the range between the last swing high and low and, as a bonus, that also happens to be where a horizontal level of support exists. So this week ELO hit the support trifecta. Let’s see what it does with that next week. Happy weekending to all!
2 Likes
Thanks Rich, I should have had that one in my Spec list, Accumulate list and wild card long-term hold list…a trifecta as you’d call it! 
I just posted that one first because I promised a chart for it on the CEO.CA forum yesterday. I’ll post some more here this weekend.
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I found the attached article by Greg Schnell an interesting read with some comments on charts and current trading patterns. He was using charts of FCX as an example. The lead on the story explains, “Copper continues to be frustrating. While copper is in high demand, China is a big consumer of raw copper. It’s a bit like viewing a mine site from a railway track. Can’t see much, so is all we have is the price charts of the stocks to go on.” Unfortunately the pdf was too large to post (charts and photographs take up a lot of memory, apparently). If you’re trading copper stocks you may find Gregg’s comments of interest.
So one thing that may be of interest is this comment:
What makes this trade more compelling than ever is the closing down of nuclear plants in California and other places around the world. Many are of the belief that solar and wind can make that power up. Recently, an article I read suggested France had battery backup for less than 2 minutes of consumption at a grid level. So the majority of the entire grid infrastructure from production to storage will need to be completely upgraded.
All of this keeps building into part of the world’s looming energy crisis. There is positive news, but the projects need to be vast in size and scale. On my travels today, I found two new grid level power installations of massive scale that were not there two years ago.
The new solar installation near the Hoover Dam in Nevada was vast. It covered massive acreage. The installation continued on both sides of the highway. The power line infrastructure above the solar array was part of the Hoover Dam power generation, so not all these towers were from the solar addition. I will comment on a scale of 1000 acres that have plants removed and call it green energy. Large scale sterilization of the soil or continuous elimination of the plant species? Either way, let’s not pretend this is all eco-good.
The point to make from these photos was the size and scale of the power generation and all of this requires massive land as well as large amounts of copper, steel and aluminum elements. This site also had a large battery storage facility on the east end of the property.
After crossing to the east side of the Hoover dam, I found a completely new wind farm that was not there two years ago. The picture doesn’t do it justice. I took a picture of 75% of the windmills as it stretched farther left and right. All of this requires copper, aluminum, steel and concrete. This is also spread over multiple sections of land. Infrastructure roads are built into all these sites and power lines are constructed to tie into the existing grid. Once again, this one was close to the Hoover Dam, so I am guessing that it ties into the main transmission line network near there.
Since the PDF file was too large to post in the previous post, here is an earlier blog of the kind of copper chart analysis Gregg has presented recently. Also a second end of the year blog article from Dec 30, 2021 titled “The Greatest Stock Rally Ever?” He presents charts on the SPY, Nasdaq 100 (QQQ), $XVG and quite a few more including $GOLD.
https://www.gregschnell.com/copper-the-2021-pumpkin-of-october/
GREG SCHNELL
December 30, 2021
In one of the greatest stock rallies ever, 2021 will go up in history as an easy market to make money. The chart opened on the lows, closed on the highs and never had a 10% pullback. What could be easier?
For all charts below, the scale on the left is in percent gain, and the scale on the right is the actual price currently.
(https://www.gregschnell.com/category/articles/)
Hoping this enlightens a few to the utility of employing charts in their future investments. Let’s all make and take some profits in 2022!
The link doesn’t go to an article. It’s a profile page of the people involved in “Chartwatchers” on Stockcharts.com.
Thanks TR for the clarification on the article that was published this morning in “Chartwatchers”. I figured that out, so I posted a couple other examples of Gregg Schnell’s chart analysis. Apologies, I was hoping it would bring up the article, but I can’t always see what a link shows when posted due to different permissions needed for general web access. I just removed it as an embedded link.
Rich,
If you find time could you post a chart on LOMLF? It had some nice drill results in a PR a couple days ago. They are way down, like many other PM miners.
(https://liononemetals.com/2022/01/additional-high-grade-infill-drill-results-including-359-8-g-t-au-over-1-8m-including1616-g-t-au-over-0-4m/)
USO
The first chart is a weekly showing the stock bumping into the top of a rising channel the past two weeks. Price has hit a higher high, but RSI has not, showing negative divergence. Probably time to take profits for traders and watch the center line for support if it should pull back that far.
This next chart is just to show where gap support & resistance lies. Gap support is at the white line at 58.64. There are two gap resistance levels higher at 68.80 and 76.40.
Now is a closer view of the daily chart. Although I didn’t outline it, there is a rising flag or what might be called a small rising wedge that is forming which is a sign the stock is probably getting ready for a pullback. The two most recent candles are reflecting selling pressure at current prices. Next you can see that the stock pulled back last week from new highs then moved to higher highs the past two days, but again the RSI is not hitting new highs, so it is likely the stock will pull back barring any news events that might change that. The pullback has the potential to be shallow so I would first watch the red MA and the white gap support line. If it dips lower there is a support level around 56.25.
1 Like
LOMLF
The weekly chart is really the only one worth looking at. It seems to be making a giant adam & eve bottom with the 200ma as loose support. On the monthly chart the 50ma is worth keeping an eye on if the 200ma doesn’t hold on the weekly chart. I don’t pay a lot of attention to gold and silver as they are some of the most highly manipulated markets, maybe just a little less or as much as the currency markets, but the couple of people I pay attention regarding the movements of gold and silver are thinking there is more downside coming here, so it may be wise to be patient and pick your spots carefully when adding to miners.
2 Likes
Quick ELO chart…
Potential Adam & Eve here with a target about a dollar higher. Seems to be a good chance for news in the next couple weeks.
Here’s my big pic take on Gold
This first chart is a weekly interval starting at mid-2018 to present. The horizontal lines are major support and resistance. There is also a well defined channel drawn. Although gold moved up out of the channel during 2020, in 2021 gold pulled back into the channel and the centerline has held as support on every drop since April 2021 and the top channel line has been resistance on every attempted move higher since July of 2021. So on this chart, for the time being, gold is trading in a range between the upper and middle channel line…until it isn’t.
This next chart is the same weekly interval with the channel less emphasized with moving avgs added and a focus on the last two major swing highs, levels that need to be breached and held as support in golds attempt to move higher. You can see how nicely the violet and red moving avgs were dependable support from the time gold began its bullish move to all time highs starting in early summer of 2019, with the blue MA being the champion when the red MA was breached in April of 2020. Gold went on to all time highs from there and from that point drifted lower, eventually losing the support from the blue line and eventually it becoming resistance for the most part since July of 2021. All three of those MA’s started flattening out last summer when gold began a relatively narrow consolidation, staying between the upper and middle channel lines and, to some degree, the blue and black MA’s. As of last week gold has found support again at the blue MA and made a run for the previous swing high, but failed to get there as of yesterday. So this chart adds swing high resistances of 1880 and 1920 to the channel lines, as well as the converging black and blue MA’s. If the MA’s and center channel line should lose support, then we’ll likely drop to the lower channel line which is currently a little below 1700, but is rising several dollars a day. If that line should be lost, the next support is likely at the green and orange MA’s in the mid 1500s.
We also should keep an eye on the monthly chart as the moving averages have been quite helpful in finding support and resistance as well.
One more thing to point out in the event gold continues its upward trajectory… The first chart here is a monthly interval of the 1923.7 high from 2011 and the retracement that occurred from that high. Gold had a big drop after hitting this high. It recovered a bit more than 62% of the drop but dropped again to a slightly lower low. From there it again retraced about 62% of the drop and dropped again, where it eventually recovered again only to be rejected, again, at the 62% retracement level. The third time was the “charm” and gold fell into the 1200’s and beyond.
Now here’s a chart of the 2020 high of 2089.20. From there gold had a considerable drop down to 1673.30 before bouncing not quite back to the 62% level and dropped again, nearly retesting the previous low. Gold has been on an upswing since then and so far has only gotten to the 50% level. If gold is going to move up to new highs in the next two years, it needs to recover that 62% retracement level at 1930 and then get back above 2000, which is the next significant Fibonacci retracement level at 78.6%. Often times when anything surpasses the 62% level and gets to the 78.6% level, it will at least retrace 100% of the move and then go beyond, in this case to new highs.
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For those who may be interested, Hecla (silver producer) has a PR today:
Hecla Reports 2nd Highest Silver Reserves in Company History
Company Release - 2/17/2022
Gold reserves increase by 14% to more than 2.7 million ounces
COEUR D’ALENE, Idaho–(BUSINESS WIRE)-- Hecla Mining Company (NYSE:HL) today reported the second highest silver reserves in its 130-year history and provided an update on its exploration programs during the fourth quarter of 2021 and plans for 2022.
RESERVES & RESOURCES HIGHLIGHTS
- Silver reserves increased to 200 million ounces with Greens Creek increasing 12%.
- Gold production was replaced, and reserves increased by 14%.
- Measured and indicated resources declined primarily due to conversion to reserves.
- Inferred resources increased 8% for silver and 2% for gold.
- Extended or maintained already long reserve mine lives.
FOURTH QUARTER EXPLORATION HIGHLIGHTS
- Greens Creek drilling upgraded and expanded resources in 4 of the 9 zones.
- Drilling from Casa Berardi’s 9 rigs converted and expanded resources and discovered new mineralized structures.
- Midas exploration defined and expanded mineralization on the Sinter Structure and intersected high-grade mineralization on two new structures that are open along the East Graben Corridor.
- Hollister drilling from the new decline confirmed multiple new veins zones at the Hatter Graben resource.
- San Sebastian’s El Bronco and El Tigre veins reported initial inferred resources.
- 2022 exploration and pre-development planned spend of $45 million.
“Hecla’s silver reserves are near our all time high with Greens Creek reaching 125 million ounces, that mine’s second highest since 2002, and Lucky Friday’s 75 million ounces giving it a reserve mine life in excess of 15 years,” said Phillips S. Baker, Jr., President and CEO. “Since 2008, Hecla has, through exploration, added 239 million silver ounces in reserves, replacing production while also growing resources. We see further growth in reserves, resources, and production from our exciting exploration program. With the increasing need for silver to contribute to the transition to cleaner energy, Hecla has both the largest silver reserve and production in the United States which positions us to meet demand long into the future.”
(https://ir.hecla-mining.com/news-events/current-news/news-details/2022/Hecla-Reports-2nd-Highest-Silver-Reserves-in-Company-History/default.aspx)
