High River Gold (HRG) continues to make very good progress as the above chart shows. This stock closed today at $1.35 on increased volume which is always a positive sign. The RSI is standing at '79' which puts it in the overbought zone and no doubt some will be tempted to take profits at these levels. The MACD and the STO are also suggesting that HRG should take a breather at this point and it may well do so.
However, if you take a look at any number of gold producing stocks you will probably see the same thing. Gold prices and also silver prices have been on a roll and dragging the stocks along with them. We expect the metals to keep going so this overbought state of many stocks could be with us for some time. We can apply the same thinking to HRG.
We are still holding on to our position in High River Gold Mines Limited and have no intention of selling any of this stock in the foreseeable future.
Over in our options trading den they have updated the chart to show all the closed trades as of today, so you can see exactly how it is going, please click this link.
Stay on your toes and have a good one.
Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.
On Friday, 27th August 2010, we closed another successful trade banking a profit of 79.46% on Call Options on Silver Wheaton.
The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:
On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09. On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days, with more positions opened yesterday. Drop by and take a look.
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