Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for March 22 2006
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| STOCK: GLAMIS GOLD (GLG) |
WEBSITE: www.glamisgold.com |
| CURRENT PRICE: 31.68 |
TREND: STILL CONSOLIDATING |
| TARGET PRICE: N/A |
RECOMMENDATION: WAIT |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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Technical analysis for today is provided on Glamis Gold, a TSX listed stock. Taking a look at the long term picture, you can see this companies stock has been in a consolidation period for a couple of months now, as have many other gold stocks in this time period. The price recently hit a low under $30, only to have a recovery nicely above this price (which may be the low, and a reversal may occur shortly, but it’s a bit premature at this point in time). The indicators are mixed here as well, as the money flow seems to be getting less negative, but the MACD still isn’t sure if it wants to start heading up yet. The short term chart is showing a descending channel, which isn’t a good sign if you are long on this chart. The highs have been lower than the prior highs, yet the lows keep getting lower. The need to break this upward resistance on the channel is extremely important before any sort of change in momentum can be called. The price is also below it’s 50 day average, and it has tried to cross above it a few times without much success. The other indicators, both the MACD and the RSI are also not very bullish right here, so nothing to get excited about just yet.
Its best to stay on the sidelines until any sort of break occurs, or better signals start to appear on the charts. Watch the MACD on both the long and short side prior to making a move.
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