Fresnilo

Anyone has any thoughts about Fresnilo?

This is now hovering around the 50% fib of the recent rise.....

dl.dropbox.com/u/4385922/fres.png

I want to get this at possibly at the bottom of the range @ 12 but there is the trendline, 61.8% fib disturbing my grand plans:)

Theres a gap support and minor trend line near by.The gaps at 1638 and the minor trend line is at 1648.
If they go then it could head down to 1506 main trend line or the 61.8 fib.
The RSI is diverging currently.




dyor

This is currently at the 50%fib and the short term trend line and gap support all roughly at the same level. Give and take a few points.
Worth a long with a tight stop.


dyor

Im short on the back test of the trend line on this. My stops are above 1555 .
The reasons im short is due to the rounded top formation breakout and the fact that the 61.8 fib broke with ease and the main trend line broke.
My targets are 1250ish area as thats where the rounded top formation target is and also the full retrace.



dyor

Remo- my thoughts are along the same lines as yours. I was closely monitoring this stock and there isn't enough conviction to represent a buy. I think there is another leg to go which hopefully will provide some
Bullish divergences. Will be watching the candles very closely in the next leg down.

Gold is also retreating as I type. Hope I will manage to catch a good trade soon.

Death cross approaching fast on the daily chart. How significant is that?