Monday, November 13, 2017 3:53:32 PM
Pretium (PVG) plunges 12%...
after peaking at the resistance 11.70 (I was watching this area for 11.70-12.10 to peak....) PVG releases the 3rd Q results, that the market didn't like, and down goes price 12% in one and a half days. I expect more plunging after the next bounce, target zone to retest the 9.75-8.75 area. as the "dip to buy" 4th Q results should be much better, the devil is in the details,and numbers got translated negatively. fickle traders decide to sell and plunge and short and bleed down. But PVG is a positive developing/producing miner with more production and less construction costs to come. read the report and decide for yourself. I'm comfortable owning it and buying more, not at 10 dollars but closer to 9 dollars and good bargains might look like 8.50/8.75 on the technical chart .
Resistance shoulder now,at 11.00-11.25-11.50, waiting to Hammer the bounce . A positive surge of trickery might retest the 12.00-12.40 top area if we see big buying step in this week, but the resistance is more ominous as a trading trigger in my view.and the 9 dollar support needs more testing,in the greater chart picture. in my view.
Volatile plunges this year have been the norm, and this one might have another leg to drop. Support holding at 10 dollars would show bullish momentum strength but resistance hammering at 11.30 area now, and targeting the 9's would show the bias toward testing 9 and revisiting the high 8's as the best bargain to buy. which might make ending the year around the low at 8.80 maybe. as a dip to buy.
I knew I shoulda been more willing to sell at 11.70 the other day but I was greedy waiting one step higher toward 12 dollars.
I'm stupid like that sometimes. more often than I care to admit.
after peaking at the resistance 11.70 (I was watching this area for 11.70-12.10 to peak....) PVG releases the 3rd Q results, that the market didn't like, and down goes price 12% in one and a half days. I expect more plunging after the next bounce, target zone to retest the 9.75-8.75 area. as the "dip to buy" 4th Q results should be much better, the devil is in the details,and numbers got translated negatively. fickle traders decide to sell and plunge and short and bleed down. But PVG is a positive developing/producing miner with more production and less construction costs to come. read the report and decide for yourself. I'm comfortable owning it and buying more, not at 10 dollars but closer to 9 dollars and good bargains might look like 8.50/8.75 on the technical chart .
Resistance shoulder now,at 11.00-11.25-11.50, waiting to Hammer the bounce . A positive surge of trickery might retest the 12.00-12.40 top area if we see big buying step in this week, but the resistance is more ominous as a trading trigger in my view.and the 9 dollar support needs more testing,in the greater chart picture. in my view.
Volatile plunges this year have been the norm, and this one might have another leg to drop. Support holding at 10 dollars would show bullish momentum strength but resistance hammering at 11.30 area now, and targeting the 9's would show the bias toward testing 9 and revisiting the high 8's as the best bargain to buy. which might make ending the year around the low at 8.80 maybe. as a dip to buy.
I knew I shoulda been more willing to sell at 11.70 the other day but I was greedy waiting one step higher toward 12 dollars.
I'm stupid like that sometimes. more often than I care to admit.
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