BEEN CONSOLIDATING BETWEEN $8 AND $12 FOR THE PAST YEAR....LOOKS TO BE READY TO START ANOTHER WAVE UP HERE AFTER SOME NICE SIDEWAYS ACTION...ALSO BEEN UNDERPERFORMING THE UNDERLYING PRECIOUS METAL AS OF LATE...
BROKE OUT OVER $28 THIS WEEK WHICH WAS LONG TERM RESISTENCE...THIS TYPE OF PATTERN USUALLY PRODUCES A GOOD RALLY AFTERCONSOLIDATING FOR A WHILE ABOVE RESISTENCE TURNED SUPPORT...
EVEN WITH SILVER SPIKING HIGHER THIS SILVER STOCK HAS A LNG WAY TO GO TO NEAR ITS HIGH AND HAS BEEN SERIOUSLY UNDERPERFORMING THE PRECIOUS METAL WHEREAS A FEW YEARS AGO IT HAD BEEN OUTPERFORMING...
DOWN NEAR THE BOTTON OF ITS RANGE EVEN WITH SILVER GAINING STEADILY...CERTAINLY COULD BE CONSIDERED A LOW RISK BUY...
COMING OFF A SEVEN MONTH BASE TRADING BEWTWEEN 13.50 AND THE 16'S...MOVING UP RECENTLY ON HEDGE FUND BUYING AND ALLEGED TAKE OVER POSSIBILITIES...
***UPDATE***PALM HELD UP RELATIVELY WELL DURING THE BIG DOWNTURN... THEN POPPED HUGE IN THE PAST TWO DAYS WITH THE MARKET DOWN HUGE THIS WEEK PALM UP ABOUT 15% ON HUGE VOLUME AS THE TAKEOVER RUMORS ARE COMING TO A HEAD.
IN A SUSTAINED UPTREND FOR A WHILE AND HAS BEEN RIDING RESISTENCE TURNED SUPPORT...REPORTED EARNINGS ON FRIDAY MORNING AND POPPED HIGHER ON BIG VOLUME...
SINCE BOTTOMING OUT ON HUGE VOLUME IN THE SUMMER THIS ONE HAS REBOUNDED ON LIGHTER VOLUME BACK UP TO ITS OLD LEVEL...FROM 46 to 73...JUST REPORTED NUMBERS THAT ARE INFLATED DUE TO A PROPERTY SALE OF ITS 99 CHURCH STREET HEADQUARTERS...BROKE OUT ON LOW VOLUME...
POSSIBLE DOWNSIDE AHEAD...
**UPDATE** - MCO POPPED TO $76 THE DAY OF EARNING ONLY TO REVERSE TO $70 RECOVER BACK TO $73 THEN PLUMMETED TO $66 AND CHANGE BEFORE RECOVERING A BIT **