Tuesday, November 10, 2015


GoPro Inc (NASDAQ:GPRO) moving up out of bottom. The daily chart shows positive divergences on both CMF and MACD. Over 26.35 into the gap with a fill at 27.99. Stop 24.27

Bottom Fishing in Natural Gas: Range Resources ($RRC), Consol Energy ($CNX), Chesapeake Energy ($CHK)

With oil falling over 60% from its 2014 highs, all the natural gas stocks have been sold-off, regardless of cash flows or balance sheets, observes Marshall Hargrave in Daily Profit.
But was it justified? The price of US natural gas recently fell below $2 per million British thermal units this week. It was the first time it dipped that low since April 2012.
The worry? There's just too much natural gas in the market. What's more is we could see a warm winter, which may lead to a further supply glut.
Still, it appears there's a lot of fear priced in. Too much fear, perhaps. Forecasts might be overlooking the fact that the recent price drop should quickly discourage any new drilling. (more)

National-Oilwell Varco, Inc. (NYSE: NOV)

National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide. The company’s Rig Systems segment offers land rigs; offshore drilling equipment packages; and drilling rig components. Its Rig Aftermarket segment offers spare parts; and repair and rental services, as well as technical support, field and first well support, field engineering, and customer training services. The company’s Wellbore Technologies segment designs, manufactures, rents, and sells various equipment and technologies used to perform drilling operations. Its Completion and Production Solutions segment offers equipment and technologies for hydraulic fracture stimulation.
Take a look at the 1-year chart of National (NYSE: NOV) below with added notations:
1-year chart of National (NYSE: NOV)
After the stock’s yearly decline, NOV has now started trading sideways over the most recent three months. While in that sideways move, the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
NOV’s rectangle pattern has formed a resistance at $42.50 (red), and a $35 support (green). At some point the stock will have to break one of the two levels.

The Tale of the Tape: NOV is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $35 or on a breakout above $42.50. The ideal short opportunity would be on a break below $42.50.

Gold Forecast: Final Low Targets For The Bear Market

In our previous article covering the long-term gold forecast, we made the case that the breakout in gold from the 1980 - 2009 consolidation below $850/ounce represents an extremely rare and powerful pattern in the commodity markets, a move that is likely to lead to decades of gains once the current bear market is over.
Given the recent weakness in the price of gold, we thought it a good time to update readers on our expectations for the final low of the current bear market. There is a confluence of no less than five important support levels between $850 and $1,033/oz. that we believe should provide support for the price of gold should further weakness develop over the months ahead. Such a final low would represent the best entry point for gold investors who have been waiting on the sidelines for prices to begin trending higher again.  (more)