This was sent on Wed Apr 17 but I missed it. So far his calls are doing very well. He does say it's likely that buyers will get a few shots at the lows - expects a retest http://www.finnewsnetwork.com.au/ar...fternoon_Investor_17_04_2013&utm_medium=email
Glover was saying that both are almost at their support level - bottom, I hope so cause I averaged down on them (KCN,NST,SLR) last Friday
Ld While looking at a chart of NCM he says. "everything tells me from a trading point of view we're pretty oversold here. Traders can expect a bounce here. From a long term perspective we're pretty close to a low here if not already there." You see he draws a level of support from where NCM is now to to major low made during the GFC in Oct 08 He does waffle a little and says, from a monthly view might hang around a little lower, but that its a good entry here he believes "KCN Monthly chart shows we're getting down the bottom of the range here ...looking at the mthly see the last low spent a few months bouncing off the low, pretty oversold, like my chances here for a good bounce" After going through NST and SLR charts he makes the comment about the group that "What you could see here is a sharp move up, you could come back and retest .. from a long term point of view I think there's probably some good buying here" Since he made these comments on Wednesday we got a sharp down day in all these stocks then a bit of a recovery that still has not got the charts back to Wednesday's levels. He's obviously of the view that for investors you're not going to lose much buying around here. Yes could drop lower (already has!) but chances are not much to lose from here. It follows that he wouldn't be selling here if a nervous holder. He's only talking about what he see as probabilities of course not certainty. He's definitely not infallible, as his predictions regarding a final washout for the ASX200 in Nov 2012 didn't eventuate. I've been getting the same vibe about KCN and SLR, possibly NCM, but not feeling strong enough about it to buy, although I almost bought Silverlake (SLR). I'm not at all attracted to NCM yet for non charting reasons fwiw, mostly just sentiment, the chart looks a good chance now to me too although can't see any candlestick signs yet (as of Friday Apr 19). Volume's right, as he comments
Thank you Fin, always love your work. I bought NCMs through comsec (not IGMarkets this time lol) on the last dip for diversifying my stacking and long term holding. What worries me is on NCM is that on 5yrs chart, NCM SP at $17 support level broke but I took my chances. KCN is very interesting one on 5yrs chart. take a look on the SP support level. in fundamental, do you prefer KCN or MML? Sorry mate, asked so many questions just curious to find out how the others' opinions on the above stocks as these are the only gold stocks that are in my radar
Ld KCN versus MML Yes I wonder why MML wasn't in the group of goldies that Garry Glover discussed. Time limitations I guess. All the things he said about the others could be said of MML : High wkly volume last week, price pulled up near old significant lows, mid cap producer/ I was thinking about starting a thread on MML just yesterday because I could not find a dedicated thread for Medusa Mining. I don't have an informed opinion on which has best prospects - although I hold a few KCN I incline more to MML. Medusa Mining looks like it has near mine exploration prospects as does Kingsgate. I don't like the Bowdens acquisition by KCN to put it mildly. MML I would guess as having more sovereign risk. Kingsgate looks superficially cheaper (P/E, P/B, Div yield) MML looks the more powerful chart. If you take a comparative chart over a decade MML has still gone up 7x whereas KCN has gone absolutely nowhere. In summary: I don't know , lol. All this will look pretty dumb if the price of gold doesn't recover. [imgz=http://forums.silverstackers.com/uploads/1893_mml_versus_kcn.gif][/imgz]
I got burnt once with KCN and it was like a sledgehammer fell on my easter egg basket. It was messy (and hated that guy so called Gavin so much) and never looked back since then. :| I often traded in and out on MML with IGMarkets. imo, MML recovery rate is better for a short term trading. Anyway, I have made up my mind which ones to buy for long term holding. One of them is pinching from your idea lol. Thank you for sharing the insight with me. Great stuff!
Garry Glover reiterating and adding to his view on NCM, SLR, KCN in this afternoon's email. He's noticed cycles in NCM (30 weeks during downtrend) and SLR (48 weeks across cycles). So these could be completing for those stocks. As well he's seeing capitulative volume for both. For KCN there's just the argument of it being back at very long term mthly lows and losing ~80% of its value in this decline. So he's still anticipating a significant bounce in these three. Note he doesn't talk in terms of resumption of a bull market or such like. http://www.finnewsnetwork.com.au/ar...fternoon_Investor_24_04_2013&utm_medium=email
kcn needs to touch 2.20 or break it to capitulate - 1.80 - 2.20 i was looking for if you wanna buy, buy a little but keep some powder dry
of course not he isnt looking at fundamentals - he is a faith based tech trader who uses 'the force' Technical Analysts are the Jedi of the investing world Fundamental Analysts are the Han Solos, Lando Calrissions of the investing world Luke was a bit of both - thats why he succeeded Luke COMPLETE YOU'RE TRAINING!.... I cant, I need to go help my friends, I will return ..... I promise.
Here's what worried me about miners and I think explains the semi disconnect with PMs http://www.tfmetalsreport.com/comment/302123#comment-302123 great post on another forum... has me VERY hesitant about miners
