Monday, January 13, 2014

Rio Alto continues to not suck all of a sudden

Here's Rio's chart:

I've kinda given up drawing lines on charts, as you probably noticed.

But this looks to me like an inverted head & shoulders, with a small right shoulder (beginning of January) that's been built on high volume. So I guess it's a lock that this would go to target, which is somewhere around $2.20 or so.

That would be about a 20% win, which is exciting enough for me to already have a position in Rio and for me to want to even buy more.

I mean, why own a Europe ETF (which I do) or a US banking ETF (which I do) over the next month or two when I can make 20% on a miner?

Unless I think gold could drop from here. Which I don't. But if I did, I'd be more cautious about buying Rio.


  1. Err, young man, that should of course be "...continues not to suck...", young man. Ahem.

    1. Err, young man, that should of course be "...decolonising...", young man. Ahem.