Pivot Point for SA? Bulls Ready to Take Over?If SA can break through the key level at 17.5, this may work its way back up to it's ATH established mid October and maybe surpass it. Key level identified at the area of my solid white uptrend line and the 50SMA on the daily chart, and the area right above the 10EMA on the weekly chart.
Earnings is on the 15th so you would want to pay attention to that.
The few areas of potential resistance to take note of are at 18 and 19. If SA gains momentum, I expect some pause or a pull back at 19 or 20.5 to help it gear up to break through to a new ATH.
SEA trade ideas
SA potentially still holding up?The key level to monitor here is $18. SA took a tumble after establishing a recent high (not ATH) at 20.55. As of Friday it is still holding its long term uptrend line that started in February.
How I would play this:
A call option to capture the swing on the 4h chart when price closes above of 18, with a stop at 17.5. If it works and I can cover my initial cost, I will keep a few shares through earnings. Profit Target 1) 19 and 2) 20.
Nasty amounts of break divergence with weekly breakdownThe weekly seems to be showing weakness and confirming that weakness by breaking down a bearish structure known as a Right-Angled and Ascending Broadening Formation; The measured move should take us down to test the 61.8% retracement at the very least before seeing any sort of major attempt at bullish continuation.
SA Ready To RipGold has been consolidating for a while and SA (gold miner w/ some silver/copper exposure) has held up very nicely. Of all of the gold miners this would be my focus. Close to a breakout. If gold can break the current downtrend SA should be hitting new highs quickly. Waiting for a breakout to go long.
SA - 2hrI was early on Seabridge Gold. Should have stopped out but the swing position was small...may look to add to this position on a retrace.
SA dipped below ideal wave (2) support but has a solid impulsive looking move so far off the low. Need to see something like this 1-2 play out if wave (3) is indeed underway.
SA - DailySeabridge bottomed earlier than many miners. So far it topped at the 100% extension (log-scale). That has me concerned as it would normally count as the (3) of P3. I've annotated it as an extended (1) of P3 instead since the retrace is too deep for a 4th wave, imo. That'll extend targets for (3) and P3 beyond normal expectations, but that's not entirely unreasonable for metal-related stocks.
What has me concerned is that the 100% extension is also a typical A=C target in a corrective move...see red oval.
Getting close to the lower end of retrace support, and may wind up stopping me out.
SA LONGSA looks to be oversold (blue circles) and consolidating. RSI and %R are very oversold. Typically a run up is expected (but not always) into the red circle sell points. Stochastics strategy is indicating a Long Entry (LE). The pattern forming could look like a bear flag, but is very similar to a turn pattern from 11-5-2014 ( see gold bars). TSI looks to be starting a move higher. This is just a possibility. With gold and GDX moving higher I expect SA to join in.
Double bottom in Seabridge Gold (SA)- Double bottom completed over 6.65-6.76 area.
- Nothing in my indicators at moment to suggest a false breakout
- Should trade nicely along AB rising channel
- Bullish crossover in 50/200 day EMAs should continue to support bullish momentum
- Pullback to point C (9.96-10.36 area) may represent a nice buying zone
Looking for target at prior lower high at 15.00 while bullish views should be reconsidered on loss of support at 7.98. Risk/Reward ratio bout 2.23