Due to an unfortunate mix-up, I spent a good 25 minutes yesterday morning walking up to very large men in the lobby of the Intercontinental Hotel and asking for "Peter."
The fellow I was looking for was described to me as a former football player. But that's the limit of the description, and there are a LOT of big guys in Canada. Luckily, I wasn't arrested on a morals charge.
At least his name wasn't Dick.
"Excuse me, Big Dick? I'm looking for Big Dick!" PUNCH!
Peter apologized by email and called last night to make lunch plans today. Then it accelerated to morning coffee, then "let's just hurry up and film the interview."
On the last day of PDAC, everyone is in a rush.
At least he wanted to be filmed for my Youtube channel. I was told flat-out "no" by multiple people. On a Wednesday morning at PDAC, few feel camera ready. No, they are not ready for their close-ups.
Anyway, Peter turned out to be a former Goldman Sachs banker and a "distressed turnaround specialist." His company has what we in the business call "a wide moat." Peter tells me that a mutual friend of ours, very well known in the biz, likes it. And individual, well-known fund managers have put their own money in it.
Very interesting company. I'll do more research and write this up for subscribers at my new gig at the Weiss Research division, Uncommon Wisdom Daily.
Wednesday, March 8, 2017
Copper-Gold Explorer Needs Some Luck
At the PDAC, I had a nice chat with Terry Lynch. He's the Chairman of Chilean Metals (TSX-V: CMX). This is a copper-gold explorer with some juicy potential upside.
Chilean Metals is focused on drilling its Zulema property, located in a rich mineral belt in Chile. There is gold, too. It's also barren, rainless, and looks like the surface of the moon, but you go where the metals are, eh?
It has another property to the south called Palo Negro ("Black Stick"). This is very prospective as well.
Chilean Metals found a nice copper-molybdenum project before. It sold that project, Copaquire, to Teck Resources. In return, it received $3 million and a 3% Net Smelter Return (NSR) royalty on any production from Copaquire.
Copaquire is near another working Teck mine called Quebrada Blanca ("White Ravine"). Teck is fast running out of mineable ore at Quebrada Blanca. The odds of it bringing Copaquire into production are fast improving.
That's important, because Terry Lynch guesstimates that the royalty on that property would work out to between $6 million and $8 million per year.
Chilean Metals recently had a market cap of just $8.47 million.
There's some "wow" factor for you.
You can watch Terry tell that story, and more, in this video interview we did on Sunday at the PDAC ...
Teck has the right to buy back one third of the royalty at any time for $3 million. For reasons I'll explain, I think Chilean Metals would like that deal.
Terry explains that Chilean Metals has yet another interesting property. It's called Bass River, it's in Nova Scotia, and it has one heck of a metallic anomaly on it. Chilean Metals didn't want to dilute its stock to raise the cash for drilling, so it farmed out the project to someone else.
That someone else is a private company, Tejas Gold. Tejas will have 14 months after signing of a JV Agreement to earn a 35% working interest in the joint venture. To earn the interest Tejas has paid a non refundable deposit of $25,000, issued 100,000 common shares of Tejas stock and agreed to expend $400,000 in exploration work including drilling on Bass River.
If Tejas spends the money by June 30, its participation rises to 40%.
That's a good way to do some drilling when you don't have a lot of money. Chilean Metals does want to drill its Zulema property in Chile. So, it issued 4,070,680 common shares at C$0.15 per share to raise $610,602.
No one wants to issue shares at C$0.15 per share. So, money is tight for Chilean Metals. It has other debt, too.
Importantly, Chilean Metals recently added a debenture of $210,000. It's due October 31 2018.
From the press release:
Here's the bottom line for me: Chilean Metals has some interesting projects, and royalty potential. It is hard at work, trying to find a big ore body at Zulema. But it sure looks like the market is betting that Chilean Metals is going to run out of money before it gets lucky.
Let's look at the chart ...
You can see that the stock recently gapped lower. This is due to drill results. Terry says the market misinterpreted those results.
To the stock's favor, volume remained light, and did not confirm the breakdown. This is a light-volume stock anyway. So don't read too much into volume.
Finally, looking at RSI at the bottom of the chart, we can see CMX briefly entered oversold territory. It is now trying to rise from that.
It should be good for a bounce. And if the market is wrong about luck not favoring this plucky explorer, this stock could blast higher on good drill results.
I'm not a buyer because A) it's outside of my risk profile and B) I found SO many good companies at PDAC. But those who don't mind a heady mix of risk and reward -- and a heck of a potential royalty, considering this company's tiny market cap -- might want to take a closer look.
Chilean Metals is focused on drilling its Zulema property, located in a rich mineral belt in Chile. There is gold, too. It's also barren, rainless, and looks like the surface of the moon, but you go where the metals are, eh?
It has another property to the south called Palo Negro ("Black Stick"). This is very prospective as well.
Chilean Metals found a nice copper-molybdenum project before. It sold that project, Copaquire, to Teck Resources. In return, it received $3 million and a 3% Net Smelter Return (NSR) royalty on any production from Copaquire.
Copaquire is near another working Teck mine called Quebrada Blanca ("White Ravine"). Teck is fast running out of mineable ore at Quebrada Blanca. The odds of it bringing Copaquire into production are fast improving.
That's important, because Terry Lynch guesstimates that the royalty on that property would work out to between $6 million and $8 million per year.
Chilean Metals recently had a market cap of just $8.47 million.
There's some "wow" factor for you.
You can watch Terry tell that story, and more, in this video interview we did on Sunday at the PDAC ...
Teck has the right to buy back one third of the royalty at any time for $3 million. For reasons I'll explain, I think Chilean Metals would like that deal.
Terry explains that Chilean Metals has yet another interesting property. It's called Bass River, it's in Nova Scotia, and it has one heck of a metallic anomaly on it. Chilean Metals didn't want to dilute its stock to raise the cash for drilling, so it farmed out the project to someone else.
That someone else is a private company, Tejas Gold. Tejas will have 14 months after signing of a JV Agreement to earn a 35% working interest in the joint venture. To earn the interest Tejas has paid a non refundable deposit of $25,000, issued 100,000 common shares of Tejas stock and agreed to expend $400,000 in exploration work including drilling on Bass River.
If Tejas spends the money by June 30, its participation rises to 40%.
That's a good way to do some drilling when you don't have a lot of money. Chilean Metals does want to drill its Zulema property in Chile. So, it issued 4,070,680 common shares at C$0.15 per share to raise $610,602.
No one wants to issue shares at C$0.15 per share. So, money is tight for Chilean Metals. It has other debt, too.
Importantly, Chilean Metals recently added a debenture of $210,000. It's due October 31 2018.
From the press release:
The terms are as follows: 14% interest annually in arrears at loan repayment, secured on a pari passu basis with the previously granted debentures ($150,000 Face Value of debentures currently outstanding) by the shares of the Company’s Chilean subsidiary that contains a 3% royalty.Dang. So that royalty isn't free and clear.
Here's the bottom line for me: Chilean Metals has some interesting projects, and royalty potential. It is hard at work, trying to find a big ore body at Zulema. But it sure looks like the market is betting that Chilean Metals is going to run out of money before it gets lucky.
Let's look at the chart ...
You can see that the stock recently gapped lower. This is due to drill results. Terry says the market misinterpreted those results.
To the stock's favor, volume remained light, and did not confirm the breakdown. This is a light-volume stock anyway. So don't read too much into volume.
Finally, looking at RSI at the bottom of the chart, we can see CMX briefly entered oversold territory. It is now trying to rise from that.
It should be good for a bounce. And if the market is wrong about luck not favoring this plucky explorer, this stock could blast higher on good drill results.
I'm not a buyer because A) it's outside of my risk profile and B) I found SO many good companies at PDAC. But those who don't mind a heady mix of risk and reward -- and a heck of a potential royalty, considering this company's tiny market cap -- might want to take a closer look.
Tuesday, March 7, 2017
A Funny Thing Happened on the Way to the Gold Rally -- Update
Three years ago, I wrote a column for Beyond the Dollar about my experiences at the PDAC. The link to that article on their website is now broken. But the article showed up in my Facebook feed anyway, like a bittersweet reminder of an old romance.
Have things changed in the intervening three years? I think so. And yet so many things remain the same. Again, we have the annual March sell-off in gold. What sado-masochist scheduled the PDAC in March, anyway?
So there's a lot that remains the same. Here, below, is the original article that I published three years ago. And below that, I'll write why things are changing.
A Funny Thing Happened on the Way to the Gold Rally
Sean Brodrick
March 6, 2014
I’m writing from the Pessimists and Downers Association of Canada – excuse me, the Prospectors and Developers Association of Canada (PDAC), the world’s biggest mining conference. Never before have I been in a group of people sitting on literal gold mines and yet so down in the mouth at the same time.
In a way, we can’t blame them. The action in gold mining stocks played out as absolute carnage for nearly three years. And it seemed every time the miners stuck their heads out of their holes to sniff the air, they’d get whacked on the heads with a stick. Being the mole in a game of Whack-a-Mole will make anybody bitter and jumpy.
Finally, gold and gold miners have started to rally. Gold is up 12% so far this year… and the Market Vectors Gold Miners ETF of gold stocks is up twice as much! But you wouldn’t know the good news from the mood at PDAC.
As I walk through the PDAC this year, held in Toronto, which is deep in winter’s icy grip, I find it fitting that the standard uniform for Canadian business is a black suit with a black overcoat. Many (not all) of these guys are acting like they’re in mourning for something… maybe for the better days of Canadian mining.
And it’s not just a mood, it’s statistical. Jeffrey Christian of CPM Group points out that many mining companies have been deferring, “mothballing,” or cancelling development projects due to the slumping gold price. In all, he calculates that one-third of all the scheduled projects have been scuttled indefinitely. And if you’re wondering about silver projects, we’re seeing the same thing in that space. Low prices for too long means one project after another has been shelved.
That’s pessimism.
Well I have news for the mourners in black overcoats: better days lie ahead. And I believe they’re coming sooner than you think.
I mean the thing about miners, engineers and geologists is that they hate to sit idle. So as the prices of gold and silver came down, mining companies cut costs to the bone. They redesigned their projects and turned over every rock to find a dollar. Sure, some companies went belly-up. But that just meant that other companies got to pick up great projects for a song.
So we have low-cost miners and developers that picked up projects on the cheap, run by guys who know how to squeeze a dollar until it screams. The best ones not only are going to make money, they’re going to make a LOT of money. All they need is for the price of gold to go up… some.
It looks like they’re starting to get their wish. Gold has rallied sharply since mid-December. And look at the effect that rally has had on junior miners, as tracked by the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ)…
Someone who definitely understands the positive reality underlying all the doom and gloom is Rick Rule, chairman of Sprott U.S. Holdings.
“Bear markets are like sales,” Mr. Rule told a packed room at PDAC. And since junior miners as a group were down 75% from their peaks, it was like “the market is 75% less risky.”
“You’ve been here through the pain,” Mr. Rule added. “Why not stick around for the gain?”
Now, I should say that both Rick Rule and Jeffrey Christian believe we’ll see lower gold prices before we see higher gold prices. Maybe they’re right.
On the other hand, I’m finding a nice collection of miners who make money at current gold prices… and will make a heck of a lot more money at higher gold prices. Maybe prices will go a bit lower. But I don’t think investors should worry too much about catching the exact bottom. There’s just too much potential upside to risk missing the move.
After all, the Chinese are buying gold hand over fist. The world’s central banks keep accumulating gold, even as they pooh-pooh it for the general public. India is likely to lift its restrictions on gold imports sooner rather than later, unleashing a flood of pent-up demand. And ETFs are buying gold again and it was ETF selling last year that hammered gold prices into the pit.
So to my gloomy friends in Canada, I’ll put it in terms you can understand. In the words of the great Canadian rock band Barenaked Ladies:
“Odds are we’re gonna be alright.
Sure things go wrong, but I’ll take my chances.
Odds are long, so why not play?”
I’m coming back from Canada with new recommendations. If the market is 75% de-risked, as Rick Rule says, and I agree with him on that, then I’d say the odds are these stocks are going to do all right.
In fact, I’d say the bigger risk is doing nothing. Sitting on your hands could cost you a lot of money.
Whatever you do, good luck and good trades,
Sean Brodrick
UPDATE: Okay, that was then. Now, it's 2017. And yeah, things are different. Here is what is different in one chart ...
This is a chart I showed at my PDAC presentation. I just touched on it at the show, so I would like to give a longer explanation now.
This is a lo-o-ong term chart of the Philadelphia Gold & Silver Index, a basket of gold miners. I'm using this because the GDX doesn't go back that far. The point is, gold is cyclical. Therefore, gold miners are also cyclical. We just came out of a 4.5-year bear market in gold and miners.
Looking back over the even longer-term, cycles in gold last, on average, 4 to 5 years. They can go longer or shorter. But since this cycle started at the beginning of last year, it would be very unusual for it to end now.
As long as we're in a bull market, pullbacks are a gift.
I am finding some very exciting companies at the PDAC. You should be making your shopping list, too.
I'm not your investment advisor. Do your own due diligence.
Have things changed in the intervening three years? I think so. And yet so many things remain the same. Again, we have the annual March sell-off in gold. What sado-masochist scheduled the PDAC in March, anyway?
So there's a lot that remains the same. Here, below, is the original article that I published three years ago. And below that, I'll write why things are changing.
A Funny Thing Happened on the Way to the Gold Rally
Sean Brodrick
March 6, 2014
I’m writing from the Pessimists and Downers Association of Canada – excuse me, the Prospectors and Developers Association of Canada (PDAC), the world’s biggest mining conference. Never before have I been in a group of people sitting on literal gold mines and yet so down in the mouth at the same time.
In a way, we can’t blame them. The action in gold mining stocks played out as absolute carnage for nearly three years. And it seemed every time the miners stuck their heads out of their holes to sniff the air, they’d get whacked on the heads with a stick. Being the mole in a game of Whack-a-Mole will make anybody bitter and jumpy.
Finally, gold and gold miners have started to rally. Gold is up 12% so far this year… and the Market Vectors Gold Miners ETF of gold stocks is up twice as much! But you wouldn’t know the good news from the mood at PDAC.
As I walk through the PDAC this year, held in Toronto, which is deep in winter’s icy grip, I find it fitting that the standard uniform for Canadian business is a black suit with a black overcoat. Many (not all) of these guys are acting like they’re in mourning for something… maybe for the better days of Canadian mining.
And it’s not just a mood, it’s statistical. Jeffrey Christian of CPM Group points out that many mining companies have been deferring, “mothballing,” or cancelling development projects due to the slumping gold price. In all, he calculates that one-third of all the scheduled projects have been scuttled indefinitely. And if you’re wondering about silver projects, we’re seeing the same thing in that space. Low prices for too long means one project after another has been shelved.
That’s pessimism.
Well I have news for the mourners in black overcoats: better days lie ahead. And I believe they’re coming sooner than you think.
I mean the thing about miners, engineers and geologists is that they hate to sit idle. So as the prices of gold and silver came down, mining companies cut costs to the bone. They redesigned their projects and turned over every rock to find a dollar. Sure, some companies went belly-up. But that just meant that other companies got to pick up great projects for a song.
So we have low-cost miners and developers that picked up projects on the cheap, run by guys who know how to squeeze a dollar until it screams. The best ones not only are going to make money, they’re going to make a LOT of money. All they need is for the price of gold to go up… some.
It looks like they’re starting to get their wish. Gold has rallied sharply since mid-December. And look at the effect that rally has had on junior miners, as tracked by the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ)…
Someone who definitely understands the positive reality underlying all the doom and gloom is Rick Rule, chairman of Sprott U.S. Holdings.
“Bear markets are like sales,” Mr. Rule told a packed room at PDAC. And since junior miners as a group were down 75% from their peaks, it was like “the market is 75% less risky.”
“You’ve been here through the pain,” Mr. Rule added. “Why not stick around for the gain?”
Now, I should say that both Rick Rule and Jeffrey Christian believe we’ll see lower gold prices before we see higher gold prices. Maybe they’re right.
On the other hand, I’m finding a nice collection of miners who make money at current gold prices… and will make a heck of a lot more money at higher gold prices. Maybe prices will go a bit lower. But I don’t think investors should worry too much about catching the exact bottom. There’s just too much potential upside to risk missing the move.
After all, the Chinese are buying gold hand over fist. The world’s central banks keep accumulating gold, even as they pooh-pooh it for the general public. India is likely to lift its restrictions on gold imports sooner rather than later, unleashing a flood of pent-up demand. And ETFs are buying gold again and it was ETF selling last year that hammered gold prices into the pit.
So to my gloomy friends in Canada, I’ll put it in terms you can understand. In the words of the great Canadian rock band Barenaked Ladies:
“Odds are we’re gonna be alright.
Sure things go wrong, but I’ll take my chances.
Odds are long, so why not play?”
I’m coming back from Canada with new recommendations. If the market is 75% de-risked, as Rick Rule says, and I agree with him on that, then I’d say the odds are these stocks are going to do all right.
In fact, I’d say the bigger risk is doing nothing. Sitting on your hands could cost you a lot of money.
Whatever you do, good luck and good trades,
Sean Brodrick
UPDATE: Okay, that was then. Now, it's 2017. And yeah, things are different. Here is what is different in one chart ...
This is a chart I showed at my PDAC presentation. I just touched on it at the show, so I would like to give a longer explanation now.
This is a lo-o-ong term chart of the Philadelphia Gold & Silver Index, a basket of gold miners. I'm using this because the GDX doesn't go back that far. The point is, gold is cyclical. Therefore, gold miners are also cyclical. We just came out of a 4.5-year bear market in gold and miners.
Looking back over the even longer-term, cycles in gold last, on average, 4 to 5 years. They can go longer or shorter. But since this cycle started at the beginning of last year, it would be very unusual for it to end now.
As long as we're in a bull market, pullbacks are a gift.
I am finding some very exciting companies at the PDAC. You should be making your shopping list, too.
I'm not your investment advisor. Do your own due diligence.
Monday, March 6, 2017
A Waking Giant: One of the Largest Undeveloped Gold-Copper Deposits Left on Earth
At the PDAC, I checked in on Exeter Resources Corp. (NYSEMkt: XRA). It owns one of the largest undeveloped gold/copper deposits in the world. That deposit is in Chile in the rich Maricunga gold district. The project is called Caspiche, and I've visited it before.
The company has done a lot of work since then, defining options for development, securing water rights and more. And now, Exeter is ready to take Caspiche to the next level. CEO Wendell Zerb gives me the scoop:
I want to highlight two important things about Exeter.
The first is a slide I inserted in the video showing the development options for Caspiche.
So there's different ways to skin this cat, as the saying goes. The oxide cap, which is easy to mine, will probably go first. Then, whoever Exeter sells this to -- because that's the company's probable game plan -- will likely go after the higher grade core. That's 23.5 million ounces of gold equivalent.
The other chart is also provided by Exeter, but is not included in the video.
It shows the value of known gold assets you get for every dollar you invest in Exeter Resources Corp., compared to other companies. Naturally, you'd expect companies like Goldcorp and Yamana to give you less gold per dollar because they're producing miners. But International Tower Hill Mines? Chesapeake Gold? Seabridge Gold? Gabriel Resources? Nope, they're explorers/developers, too.
A few more points:
A number of directors of Exeter accumulated shares over the past 6 months. The latest was an acquisition of 21,400 shares.
The company has C$15 million (US$11.9 million) cash on hand. It will have to raise more cash at some point. It has a strong circle of friends for a private placement, if that's how it goes.
One thing that big companies may not like is there is no blue sky at Caspiche. They know how many ounces there are. Most of the acquisitions I see, where big miners snap up a little fish, involves the potential for the resource to expand.
However, that doesn't mean this project won't be bought. So much work has been done, it may be a refreshing change for big miners still nursing burned fingers from other projects.
One more thing: Exeter's share price has been very resilient during the recent correction. Here's a performance chart of the four juniors with the biggest deposits on the chart above ...
Since the bottom in December, all four stocks went higher. Three of them rocketed (better luck next time, Chesapeake). Since the recent peak in February, the gold and silver industry generally has been in a correction. Not Exeter. Exeter has traded sideways.
What's that mean? That means this stock isn't just being supported by directors buying the shares. Others see value in the stock as well.
Just something to keep in mind. And Exeter is a fascinating find from PDAC 2017.
Do your own due diligence. I'm not your investment advisor.
The company has done a lot of work since then, defining options for development, securing water rights and more. And now, Exeter is ready to take Caspiche to the next level. CEO Wendell Zerb gives me the scoop:
I want to highlight two important things about Exeter.
The first is a slide I inserted in the video showing the development options for Caspiche.
So there's different ways to skin this cat, as the saying goes. The oxide cap, which is easy to mine, will probably go first. Then, whoever Exeter sells this to -- because that's the company's probable game plan -- will likely go after the higher grade core. That's 23.5 million ounces of gold equivalent.
The other chart is also provided by Exeter, but is not included in the video.
It shows the value of known gold assets you get for every dollar you invest in Exeter Resources Corp., compared to other companies. Naturally, you'd expect companies like Goldcorp and Yamana to give you less gold per dollar because they're producing miners. But International Tower Hill Mines? Chesapeake Gold? Seabridge Gold? Gabriel Resources? Nope, they're explorers/developers, too.
A few more points:
A number of directors of Exeter accumulated shares over the past 6 months. The latest was an acquisition of 21,400 shares.
The company has C$15 million (US$11.9 million) cash on hand. It will have to raise more cash at some point. It has a strong circle of friends for a private placement, if that's how it goes.
One thing that big companies may not like is there is no blue sky at Caspiche. They know how many ounces there are. Most of the acquisitions I see, where big miners snap up a little fish, involves the potential for the resource to expand.
However, that doesn't mean this project won't be bought. So much work has been done, it may be a refreshing change for big miners still nursing burned fingers from other projects.
One more thing: Exeter's share price has been very resilient during the recent correction. Here's a performance chart of the four juniors with the biggest deposits on the chart above ...
What's that mean? That means this stock isn't just being supported by directors buying the shares. Others see value in the stock as well.
Just something to keep in mind. And Exeter is a fascinating find from PDAC 2017.
Do your own due diligence. I'm not your investment advisor.
Gold Miners Try to Find Support on Thin Ice
Gold miners are trying to find support at the 61.8% Fibonacci retracement.
Fibonacci retracements are common support levels/targets that market technicians watch. There are lot of reasons why, I won't go into depth here. In any case, buyers are showing up at the 61.8% Fib retracement of the big move from December to February.
Maybe this support will hold, maybe it won't.
Investors should watch gold itself -- it closed today at $1,225.50. Now, $1,220 is support. If that breaks, and I think that could happen for seasonal and psychological reasons, then we'll see a test of support at $1,200.
If such a test lined up with normal March madness selling of gold, that might be a buying opportunity. and where will gold miners trade then?
Longer term, things look great. This short term weakness is providing opportunity in some excellent miners, streamers, developers and explorers I am talking to at PDAC.
Good luck and good trades.
Cobalt Poised for Extraordinary Outperformance
The packed crowd at the PDAC was very receptive to my presentation on the metals gold and cobalt. I also dished up my red-hot picks in both metals.
It went so well that, after my time was up, I got called back to the stage. But that's only because Eric Coffin was late for HIS presentation, and they needed a space filler, ha-ha! But it gave me some time to answer questions.
Here's a chart from Paul Robinson of CRU Group, who also presented at PDAC (in a much bigger room, probably), that I wish I'd had in MY presentation.
Holy smokes! Look at that price forecast.
For those who don't know, the PDAC, the Prospectors & Developers Association of Canada, is the world's biggest mining conference.
Oh, and after my presentation, I got invited to present at a metals and mining conference in Vancouver in May. I don't know the dates.
It went so well that, after my time was up, I got called back to the stage. But that's only because Eric Coffin was late for HIS presentation, and they needed a space filler, ha-ha! But it gave me some time to answer questions.
Here's a chart from Paul Robinson of CRU Group, who also presented at PDAC (in a much bigger room, probably), that I wish I'd had in MY presentation.
Holy smokes! Look at that price forecast.
For those who don't know, the PDAC, the Prospectors & Developers Association of Canada, is the world's biggest mining conference.
Oh, and after my presentation, I got invited to present at a metals and mining conference in Vancouver in May. I don't know the dates.
Saturday, March 4, 2017
Another Inflation Play Is Already Trending Higher
While we wait for gold miners to pick themselves up off the mat, consider another inflation play that is already trending higher.
I'm talking about real estate.
Here's a chart of the iShares Real Estate ETF (IYR), the biggest American real estate ETF.
You can see that the IYF touched support at its 20-day moving average on Friday. It's been stair-stepping higher along the 20-day since December. If you're feeling speculative, you can buy it now. If you're more cautious, wait and see if there is a pullback to the 50-day moving average.
The first target is 83.50. It should go higher from there.
I'm not your investment advisor. Do your own due diligence.
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