I like Fortuna silver alot.
see it as a core holding...... and this correction now looks like a fair bargain if it falls to 5 and below. as the chart shows me. between 5 and 4,as close to 4 as possible is a nice bargain. last big low was 4.14
I shoulda bought some there but I was asleep.
San José del Progreso, Oaxaca. In the southern Mexican state of Oaxaca one
person was killed and another injured during a confrontation between mining
opponents and police on January 18th. The middle aged farmer and a woman in her
twenties, both indigenous Zapotecs, were among a group of villagers trying to
block the path of an excavator working for the Canadian Mining Company Fortuna
Silver. Bernardo Méndez and Abigail Vasquez were shot by local police and
plainclothes gunmen working for the Vancouver-based mining company. San José del
Progreso, located 50 km south of Oaxaca City, has been a flash point for
violence since an alliance of local environmentalists and farmers occupied the
gold and silver mine in early 2009.
Contrary to the precepts of international
law, the indigenous population of the region was never consulted about the
mining project. The recent violence has prompted various social organizations in
Oaxaca, among them an influential teachers' union, to demand the end of mining
Looking at all my miners,eyes glazed over,waiting for the FOMC in 1 hour...miners are down today already, will they plunge down more on top of this?
who knows. doesnt really matter.its all a manipulated casino game. the bigger decision is ....do you want to even be playing with your life savings in a rigged casino game ?
but anyway, looking at some miners to kill some time..... happened to see Fortuna silver (FSM)
and the chart looks simple and clear enough.
from the low of 3.10 on may 9, to a high on june 6 at 4.59 (call it 4.60 for easy math)
the 50 MA is around 4 dollar area,bollinger bottom band is around 3.80, support pivots around 3.75,on down to 3.55 area
FSM opened today at 4.25
Above is the 100 and 200 MA around the 5 dollar zone and 5.50
The wave structure from the latest rally from 3.10 low to 4.60 looks like 3 waves with a sideways wave 4 ongoing now.....
this current wave sideways , IF it breaks down looks to target the 3.75 - 3.55 area
or else IF price breaks to the upside the same amount as a wave 5 going up would target the 5 dollar area.
So we either have a wave C going down to target 3.65 area or a wave 5 going up to target 5 dollar area.
the next move for FSM..........
either down to 3.65
or up to 5 dollars.
might be a strong move that takes 2 days .
I think 3.65 area would be a buy zone and 5 is a sell zone.
and if it goes up to 5 and a wave completion to sell there, the pullback should target the 4 dollar zone as a buy zone at 4 area.