Quick HUI Update
Reasons for modest bullish bias:
1) Slightly higher high and higher lows
2) Consolidation around the 200 & 50 Daily moving averages.
3) PPO bullish crossover and RSI above 50.
See the latest gold chart
Labels: HUI
Reasons for modest bullish bias:
Labels: HUI
Recently the HUI is zigzagging around the 50 and 200 moving averages, not much conviction and the trading opportunity is intraday if any. Note the RSI slight positive divergence, PPO trying to improve from negative territory.
Well, I'm certainly not a general equity bull and hence not surprised of the recent (ongoing?) global equity market drop. I did also forecast a certain amount of weakness for metals, commodities and precious metals shares. So anyone following my posting got several warnings.