Trader Dan Norcini
The
mining shares still continue to sink lower seemingly unable to attract
sufficient buying to stem the flow of red ink being seen across the
sector. As a fundamentalist, I think one can make the argument that some
of the leading shares in the sector are severely undervalued against
the price of gold; however, as a technician, one has to respect the
chart action be that as it may.I am presenting a monthly chart but wish to note that the last trading day for February has yet to arrive so there remains sufficient time for the index to recover. It is however flirting with some important chart support level. I thought that the index might have found enough buying near 380 to bottom it. That is evidently not the case.
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