ASA Limited (ASA) — This ETF provides investors with an opportunity to invest in companies engaged in the mining or processing of gold, silver, platinum, diamonds, and other precious minerals.
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The stock broke from an ascending triangle on a bullish formation called a Golden Cross and on May 8 at $47.50 the DMO said, “The target for this breakout is initially $65 but longer-term investors could see ASA back to its old high of over $90 made in early 2008.”
The target at $65 was easily made when ASA ran to over $72. The recent pullback on profit taking may be a good opportunity to buy ASA for its longer-term target of over $90. Note the buy signal yesterday from our internal indicator, the CBR.
For traders: A break through the double top at $65 should result in a quick trade to the last peak at $72.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted at samailc@cox.net. You can also check out an archive of some of his most recent market outlooks.