On November 25 we had an NFTRH+ update on this one, and today – in consideration of a potential Santa seasonal including precious metals and commodity/resources (ref. this morning’s notes, including chart), I want to have another look at its daily chart.
The stock is ELE, which, in its merger with the former EMX, expanded well beyond gold and silver, becoming a global royalty company with a diverse asset mix. In other words, it is a stock I would consider as a prime candidate for investment if we are right about an inflationary macro and associated “inflation trades” out ahead (right now, IMO we are managing a party, not said inflation trades).
I increased my positions upon viewing the chart. Granted, the chart pattern has not activated, if it is even a bullish pattern at all. But I am in a mode where I am looking for laggards and prospective catch-up plays. So why not a quality royalty company that is in the process of integrating its varied global interests?
RSI and MACD have crept positive and the pattern would measure to around the previous highs if it activates (which means taking out its neckline at 16). Any decline below 14 would probably wreck the short-term technical situation.
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.
