Venture Exchange and Rainbow Resources (RBW, TSX-V) Chart Updates
It was an important week for the Venture Exchange which, as expected, finally took the path of least resistance and powered higher, breaking above the 1200 level and closing today at 1233 on increased volume. If you have followed John’s excellent charts throughout the week, you’ll know that this move could develop into something very big by September. Some key indicators have turned decidedly bullish. Whether this is going to turn out to be The Mother of All Bear Market Rallies, or the start of a new bull cycle, remains to be seen. But one thing is certain – the Venture is going higher, and perhaps by a lot. Along the way there will be pullbacks to supporting moving averages. But it’s time to make some hay. More on that over the weekend.
Below is another chart from John, freshly updated after today’s 12-point gain.
Rainbow Resources (RBW, TSX-V)
It was a great week for Rainbow which successfully tested support at 21 cents and then finally pushed through resistance at 24 cents at the end of the day today. On the ground, RBW continues to drill for a high-grade, near-surface Silver discovery at the International Property in the West Kootenay region of southeast British Columbia. An exploration update is expected sometime next week. The chart below from John is even sweeter than mom’s homemade apple pie. Given the bullish technicals and the underlying power of this “discovery play”, Rainbow is looking more delicious than ever. Expect robust trading on Monday after today’s activity.
Note: John and Jon both hold share positions in RBW (Terry does not) with Jon adding to his position today.
thx guys! have a good weekend. cant wait till monday…
Comment by db — August 17, 2012 @ 3:47 pm
For sure, we all like Monday to Friday … if Saturday and Sunday are trading days, even better!
Comment by Theodore — August 18, 2012 @ 4:31 am
Heath are you going to apologize to Jon for his positive call or are you going back into your bunker of negativity?
Comment by Patrick — August 18, 2012 @ 12:13 pm
IS there anyone here like to guess the closing price of rbw next friday and the end of the month.jUST FOR FUN I WILL say 30 cents on friday and 35 buy the end of the month .What is your guess
Comment by gil — August 18, 2012 @ 4:03 pm
Going to the USA for two days may miss the action on monday
Comment by gil — August 18, 2012 @ 6:30 pm
Jon … sorry if I am brain dead, or something.. but why do you think there may be a gap up on Monday re RBW??? thx mate:)
Comment by Jeremy — August 19, 2012 @ 4:21 am
My guess, RBW opens at 26 cents on Monday, high 31 cents and close at 27 cents with over 1.3 millions shares change hands. By Friday, 40 cents … this is my optimistic guess…. Just for fun ..
Comment by Theodore — August 19, 2012 @ 5:05 am
Gil – RBW has very weak resistance at .28 – Only a CONF. 2 number. She can bust through this without blinking an eye. I think we could see this by Monday or Tuesday. If we do, she is going to run hard due to drawing a lot of tech. traders. She could see .35 by end of week. I am not saying this will happen, I am saying it is possible. After the .28 goes, she has no resistance to call so they can have large daily moves.
Comment by dave — August 19, 2012 @ 5:33 am
Gil, no one knows how the markets will treat us but just for fun Ill guess that we will hit Johns wave 3 FIB target of 37c by months end…
Comment by db — August 19, 2012 @ 5:54 am
Based on the technicals, Jeremy, we’ll see……24 cents has been a key resistance level as John has pointed out….the chart is looking particularly strong, confirming additional immediate upside is likely.
Comment by Jon - BMR — August 19, 2012 @ 6:05 am
I don’t want to get anyone riled up here today, but my aim is to improve my
record of being correct, thus i will suggest that the asking price on RBW at
the open tomorrow will be no higher than 0.24… I have read that a breakout
or a gap up is expected, but we are not there yet folks. Breakouts or gaps
up are created when traders are tripping over themselves to take positions’
& as already stated, we are not there yet. A 0.24 stock is considered fairly
cheap & allows most everyone to jump aboard, but the volume is not supporting
that everyone is jumping aboard, so we wait for later in the week for the
promised update and/or results. I am in a win\win situation with this post,
if the ask is indeed 0.24 or lower, i feel good about being right, but if the
ask is above 0.24 & we continue up, i will feel good, because i am a shareholder.
Enjoy the weekend. R !
Comment by Bert — August 19, 2012 @ 6:55 am
I think that the price of rbw will bbe governed by both the time of discosure and perceived quality of cores. GQC could really take off this week with closing of PP. If this happens then PRG might be a great trde. Lots of rumours aboutn CSL. I think that if all goess well for RBW we will have a PP on that stock at the higher price, maybe .35 TO .50Cents per. Just my opinion. Looking forward to all the action this week. richard l
Comment by richard l — August 19, 2012 @ 7:29 am
During the week of 20 August, RBW is eagerly waiting to provide a progress report. I think if it does not meet market expectations, I will be concerned about support price.
Comment by Alexandre — August 19, 2012 @ 7:57 am
Patrick I never made any negative comment towards Jon. Actually I made no comment at all towards Jon. Maybe I wasn’t clear enough when I wrote the name THEODORE. I will forgive you though as I am well aware of the fact that the names Jon and Theodore bare a striking resemblance upon first glance!!!!
Comment by Heath — August 19, 2012 @ 8:41 am
alexandre, dont expect too much from progress report. we wont be getting any numbers, maybe just how many “shiny cores” theyve drilled so far…I dont think we will see numbers till late sept/oct at best
Comment by db — August 19, 2012 @ 11:43 am
….that being said, i still think the progress report will excite/please those following the story.
Comment by db — August 19, 2012 @ 11:46 am
thx Jon… as we see…. we will see:) LOL… and we hope !!
Comment by Jeremy — August 19, 2012 @ 6:25 pm