by Gabriel Andre on October 1, 2009
Precious metals have been strongly demanded during the last few months: gold prices jumped above $1,000, silver and palladium prices reached recently a new 12-month high.
What about platinum? Have a look at the chart: the medium-term bullish trend in place since last November may above soon. A correction is expected.
Indeed, 11 months of up-trend have driven platinum price to a technical resistance that is likely to prevent a further rise. The historical high price (point A on the chart) posted in early March 2008 at $2,308 was followed by several months of correction and consolidation. The real plunge started at mid-July last year. In just 3 months, platinum prices fell from $2,059 to $752 (point B, down 63%).
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by Gabriel Andre on September 18, 2009
One of the main drivers of the S&P/ASX 200’s bullish trend is the Energy sector. This GICS sector (ASX: XEJ) includes explorers, producers, marketers, refiners and transporters of oil, coal, gas and other consumable fuels.
Oppositely to the main stock indices that started rebounding in March this year, the XEJ index hit a low and bounced back several months earlier, in last November (point B on the chart). This low was posted on November 21 at 10,497.9 points in intraday session. Yesterday the XEJ closed at 16,550.10 points after reaching a high of 16,804.20 points.
This means that it has already rebounded by 60% since last November. And it is probably not finished yet.
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by Gabriel Andre on September 8, 2009
Gold is on the rise again, and it is likely that its price action will test soon the previous highest levels, above $1,000. Currently Gold is trading just below this important level.
The price action has posted a high at $999, above the previous significant peak of last June (point E on the chart). This point E was posted on a resistance line that was the previous oblique support of the bullish move occurred between last October and last March. This ascending technical slope was built by higher lows where the price action was regularly bouncing back.
Closing in on $1,000
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by Gabriel Andre on August 14, 2009
Mermaid Marine is a services provider to the offshore oil and gas industry. This stock (ASX: MRM) has been bouncing back continuously since it posted a low at $0.65 in last November (point A on the chart). It actually peaked last Monday at $2.45 (point B), and has corrected to $2.25 yesterday at the closing price.
The bullish trend between points A and B has driven the stock 277% higher in 8 months and a half. Oppositely to many materials, industrials or energy-related stocks that also sharply rebounded during the last months, MRM has climbed much higher than its previous highs of 2008.
Running out of steam?
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by Gabriel Andre on August 11, 2009
The stock of this oil and gas exploration company (ASX: KAR) has recently peaked at $12.10 on last July 24. It’s an historical high price, far above the previous highs posted during the previous years. Oppositely to many other energy-related stocks, KAR soared to unprecedented high levels after it hit a low in last October at $1.645. It rose therefore by 635% in 8 months and a half (between points A and B on the chart).
A new bullish wave?
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