Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Bullish on BAC (TraderHR)

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Bank of America Corporation (BAC) jumped 66 cents (on Tues), or 4.70%, on one of the heaviest-volume sessions this year. Moreover, the stock closed above the downward sloping trend line of the symmetrical triangle pattern in which it has consolidated over the last two months.  

The move confirms a trend reversal and the start of new momentum, which could move the stock towards the $15.70 area short-term. Preferred entry (buy stop) price is at $14.80 with a stop-loss price at $14.30.

BAC-Dailyfree
Originally published on TraderHR.com.

Chart on FCX, SLW, SLV & GLD (Paulenoff)

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My near-term work indicates that this morning's spike low in Freeport-McMoRan Copper & Gold (NYSE: FCX) at 48.61 followed by a sharp upside reversal above 50.00 (so far) has the right look of the end of the corrective process off of its Jan 12 high at 61.34.

If that proves to be the case, then FCX is about to enter a new upleg within its dominant uptrend off of the July 2010 low at 28.36.

Let's keep an eye out for a positive close today above 50.14. While FCX is attempting to put in a corrective near two-month low, the iShares Silver Trust (SLV), Silver Wheaton (SLW) and the SPDR Gold Shares (GLD) all are taking a breather in the aftermath of their near-vertical upmoves, which so far has not negatively impacted their otherwise very much intact and dominant uptrends.

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Originally published on MPTrader.com.

Chart on Junior Gold Miners ETF (Mike Paulenoff)

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The hourly chart of the Market Vectors Junior Gold Miners (GDXJ) has two powerful aspects to it.   One is that the base-like accumulation pattern that developed between early Jan and late Feb has propelled prices above its key breakout plateau at 38.50.  This triggers potential upside targets at 42.50 and then 44.40.

The other is that the series of higher-lows and higher-highs off of the Jan 27 low at 32.51 suggests strongly that the most recent "higher-low" at 36.73 from Feb 24 initiated a new, powerful upleg.  The magnitude of this should approximate the length of the upleg from 32.51 to 39.96.

Should that be the case, then the current upleg has a "swing" target of 7.45 points, or to 44.00/20, which aligns with the upper target measured from the breakout from the base pattern. At this juncture, only a decline that breaks 38.00-37.80 will compromise the timing of the anticipated surge, while a break of the Feb 24 low at 36.73 will invalidate the bullish scenario altogether.

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Originally published on MPTrader.com.