Seeking Alpha

Xover's  Instablog

Xover
Send Message
Innvestment Professional
  • Bullish On GLD  0 comments
    Mar 11, 2013 5:37 AM | about stocks: GLD

    GLD Trade

    Let's take a look at the chart:

    (click to enlarge)

    GLD (top) and GLD Jan150P on a daily chart. (source: Tradestation Securities)

    I want to emphasize several points:

    1. We seem to have found a support for GLD ( at least for now) confirmed by the options as well
    2. GLD is revisiting the bottom by making a new weekly low but quickly returning to previous day range
    3. Such "failed" breakouts are usually good inflection points

    GLD Trade

    Buy 152.71

    Stop weekly high of 2.30 in GLD Apr 150P ( around 151 level in GLD)

    Target 155 -159 ( at least last week's highs)

    Disclosure: I am long GLD.

    Themes: SLV, GDX Stocks: GLD
Back To Xover's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • Buy $TLT 117.50, stop 116.50, target 121+
    May 21, 2013
  • Buy $GLD 133, stop 131.50. Target 140+
    May 21, 2013
More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.