While I evaluate whether or not I am wrong to be hedging precious metals positions (all the more difficult to evaluate during a holiday week), as noted, I have been adding some positions that do not necessarily follow the sector, but which may be flashing value in their own right after getting beat down hard.
One of those is Elemental Royalty (ELE), which merged with EMX Royalties to expand out into the commodity sphere beyond its primary precious metals royalty exposure.
The daily chart has banged the 200 day moving average, and so I bought it back.
Here is the thing. There is clear support (not annotated on the chart) around 10.50, but I am not being miserly because I am hedged to a degree. A miser might wait for 10.50 (+/-). If the sector correction resumes, 10.50 would be quite doable. If it does not (again, it’s the holidays), the SMA 200 might be it.
This is presented because it appears to be fine example of a quality royalty that got overdone to the upside, presenting an opportunity within an uptrend.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
