Today is a normal looking reaction thus far. The opening weakness was however, enough to get me taking some well earned profits. These two charts attempt to show normal and when normal becomes abnormal.
The MACD is triggered up and the RSI looks good, bumping up from over sold. The favored scenario is that HUI got over sold enough to make a try for one or both of the resistance points shown on the chart above.
Adding to the ‘normalcy’ is that HUI is declining to potentially fill a gap. It is of better to have the gap filled than still hanging around. However, this brings on a parameter to abnormalcy. The support noted at around 349 should hold to keep things nice and comfy.
Just a little technical perspective for gold stock traders.
