The MACD cross over has occurred, expect a positive tick on the histogram tomorrow.
I have highlighted 3 areas of similar formation and similar location with respect to the 20 and 50 MA. Twice before the current price action, once the price got above the 20 MA, the price just hovered for a couple of days on top of the 20 MA before taking off. This is my expectation for this stock. The first price objective is the bollinger band and over head resistance which will be around 2.49-2.50. From there a test of the recent highs could be likely. The reason I am liking this stock is that if if can get above the 3.00 mark it is in uncharted waters, with platinum potentially looking to test its 2007-2008 highs of 2200.
IMG.TO is IAMGOLD corp. I entered into a spec trade using Call options expiring next week at 21 strike price. I expect that the move up in gold is not complete yet, I don't think it will last to long but if there is a 20-30 increase in gold over the next couple of weeks, this stock is poised to break to new highs. I would not normally buy at a bollinger band but this pull back today is actually beneficial to my trade as the bollinger band will continue to increase and there is more room for this stock to move over the next few days.
Stock market..... not much I can say about it. It is just continuing its relentless climb higher. Why? not really sure. There are no fundamentals behind this move, earnings were mixed and the market has not had a major correct to provide a buying opportunity. There are a lot of people out there that remain bullish because of the technicals which is great, but no doubt there is a major top coming up. You don't want to be caught with a gap over a stop loss. The metals have corrected, hence why I am more confident trading small cap mining companies as they have actually proven there is a bottom to their recent move.
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