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Patrick MontesDeOca
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Published Technical Analyst, Author, Commodity Trader, Systems Developer, Algorithmic Intelligence, Computer Modeling of Processes. I custom build Proprietary Artificial Intelligence for each individual client's portfolio needs. After more 30 years in the business, Patrick MontesDeOca has... More
My company:
Equity Management Academy
My blog:
Trading Talk
My book:
Vedic Codes of the Stock Market Volume 3 – ETFS
  • Pershing's Gold Upside Technical Landscape 0 comments
    Jan 21, 2013 6:08 PM

    The Technical Landscape

    Let's take a look at the weekly and daily charts and see what took place last week since we published our first report on Pershing Gold and see how we can technically navigate this unique opportunity.

    The weekly charts indicate this potential move could cause a sharp rally in stock towards the $1.28 to $1.60 level over the near term. The upper end of the weekly target zone suggests a test to the $1.91 area and possibly even the $3.00 high made in early 2011. These are levels that are not out of the equation of realistic possibilities, and could be reached in a short time period.

    It's clear if we take a look at the daily chart below, the price reached the upper end of a long-term uptrend channel that started in August. This came after a decline from the $3.00 levels in early 2011.

    The upside breakout from the .39 to .40 cent levels just last week to the .62 cent levels accomplished this week completed near-term target objectives. The stock closed at .50 cents on Friday; a 25% gain in one week!

    Using the daily chart to identify ideal entry points and Fibonacci retracement codes, the formula suggests that the ideal place to enter is at the 50% level of .47 to the 61.8% retracement of .43 cents. Major long-term support is at the bottom of the uptrend channel at .40 cents.

    In my opinion these levels will be hard to capture again given the bullish resource report expected this month and the high volume of insider interest the stock is attracting.

    NEXT WEEK'S SPECIAL GUEST

    Mystery Interview with New, Promising Gold Company's President
    Over the next week I will be interviewing the President and CEO of a new gold mining company offering another unique opportunity in mining shares. It owns a project in Arizona in a region with a long-history of proven gold and silver production, as well as an exploration project adjacent to a major producing mine in Nevada.

    My mystery guest has almost 50 years of experience with all aspects of mineral exploration, mining and processing including the engineering and management of 12 open pit mines, 9 underground mines and 14 process plants. He has been directly involved with developing six junior mining companies and served on the boards of 13 mining companies beginning in 1981.

    Listen to my mystery expert's opinion on the future of gold, his company's mining ventures and the bright future of his company.

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in PGLC over the next 72 hours.

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