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PRU - Perseus Mining

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high volume reversal may give you a chance to get in as the selling was strong yesterday - today will tell the tale on whether the move will be sustained but yesterday showed significant selling.
 
Hooly dooly, POG has destroyed many investors if they were top heavy in the yellow metal believing that the 'printing-money-will-cause-gold-to-sky-rocket-scenario'. I was one of them but fortunately bailed due to life changing events. There are three expert commodity commentators who must be absolutely in massive rectal pain. Faber, Schiff and Rogers must be copping it. I think they are still calling hyper inflation. If not now, when? After it's being wound down? nope. The only way they could be right from here is if there's a significant WW and countries have to borrow to build up their armed forces. With nukes, I'm not sure if that will happen.

And, the effect on PRU.

 


Nice break out of the basing pattern. Measured move $0.90. Longer term the 50% - 61.8% zone (see chart) much higher is achievable....Gold price allowing obviously. A lot of the media are bearish Gold...I am bullish until the patterns say otherwise.

I hold PRU
 

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Perseus Mining charging ahead today after reporting that in the quarter to 30 June 2018 it has produced a record quantity of gold from its two West African mines with gold production of 83,881 ounces, up 31% on the March 2018 quarter.



Today's announcement has propelled PRU out of its previous zone of consolidation between 42c and 45c and it is currently trading at 48c, up 10.34% on yesterday's close. It's now well positioned to take on the 50c mark, but I'll just keep an eye on it for now to see how the price action develops over the next few days.

 
I like PRU as a reversal opportunity. Price has made a base and has just broken higher. The volume indicator TMF has been rising for a while and is above zero, indicating accumulation.

The weekly chart shows why this is a reversal as the trend is down.

 
Knobby22 said:
Breaking out, bought in.
Click to expand...

PRU has had a good run since mid-last week, rising from around 45c to a high of 61c today. Volume for the last five trading sessions has been well above average.

There have been no announcements since 3 June. Any idea what might be going on?

 
Gap up in Gold price I believe...


PRU was the leader of the pack, but have a look at the top performing stocks today % wise, all are Gold stocks ! A Golden day for Gold bugs:

 
aus_trader said:
Gap up in Gold price I believe...
Click to expand...

Yep, that'd be it. Talk about having a Homer Simpson "D'oh!" moment. I saw the share price movement, checked the announcements and posted without even thinking about the gold price.

Not sure my brain is firing on all cylinders today.
 
I was well into PRU years ago and rode it for a while. Lucky to escape it falling completely off the perch in 2011. Something to do with politics in East Africa at the time I think. Could it all be resolved and it's breaking up. Or, just a gold price blip?
 
Strewth, good timing in 2011. Not sure if it could multiply itself many times over to get back up to those levels but anything is possible with the leverage of a rising Gold price if sustained into the future...
 
I jumped in on this one last week. SP has broken $0.60 again and hopefully PRU can continue to leverage of gold's good run.

 
kennas said:
Interesting set up Trav.
Click to expand...

Yes @kennas I just looked again at my post and I can see that you are being kind to my dodgy sketch.

The BO at 50c would have ideal but I agree the next BO at 64/65c will be interesting.

Today's action

 
Good week for PRU with SP closing @ 65.5c and a quick look at the chart shows that prices haven't been at this level since Nov 2016.

Looking for + 70c.... lets see what happens

 
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