Two lovely set ups for low priced stocks. Orbitz (OWW) has been consolidating for a year and a half in what looks like a 4th wave triangle. It has trendline and 100 week MA support as well as upward momentum on multiple time frames. Buying anywhere from $8-9. Stop at $7.15 and target of $13-15 which should be good for a 50% gain.
Hecla (HL) has had steady or increasing earnings as silver has dropped about 50% over the last couple of years. $2 has been solid support which includes 15 year trendline support. Average weekly volume for the last several years has been around 40 million shares. Last week it was 125 million and the Friday volume was 79 million, approximately 10 times the average daily volume. Stop is at 2.19. Target is $9 which would be a triple, but it has potential for even higher than that. It's got some hurdles in that most moving averages are above it, but my gut says that it will be slicing through those fairly easily.
In my last post from July I predicted Gold heading down from the 1350 range to 1000. It made it's way to 1130 and has meandered higher from there. Hard to say for sure if the low is in, but I think silver and gold are at or near intermediate term lows so watch for their rise over the next year as well as many of the miners.
I am not a professional. Trade at your own risk.
No comments:
Post a Comment