(I Corinthians 2:9, NIV)
Santa Fe Gold News
Business Wire(Wed 9:35am)
This is not the first time SFEG has done business with Freeport-McMoRan. (well sort of) Let's step back in time to this -
AZCO AGREES TO US $40 MILLION TRANSACTION WITH PHELPS DODGE.
And this -
Santa Fe Gold Corp (OTC Bulletin Board: AZMN), formerly Azco Mining Inc., a U.S.-based mining and exploration enterprise focused on gold, silver, copper and industrial minerals, today announced that effective September 12, 2007, its new ticker symbol will be “SFEG” for trading on the OTB Bulletin Board.
And this -
Freeport-McMoRan Copper & Gold to Acquire Phelps Dodge, Creating the World's Largest Publicly Traded Copper Company
And now today -
Santa Fe Gold Corporation (OTCBB: SFEG - News) today announced it had agreed with Freeport-McMoRan Miami Inc. (“FM Miami”) to supply a trial shipment of 3,000 tons of high-silica flux material to FM Miami’s smelter located near Claypool, Arizona.
Did you follow that?
On a weekly chart we readily find 3 points of support and potential support. It is quite possible that support was found On Friday at $1.16. That price represented the 50 Period SMA and dual Fib confluence and is exhibited on the chart as A. If that support is to hold we should see price move higher Tuesday after any resting market orders to sell are filled on the open.
Should $1.16 be violated have a look at B. There we find the 200 Period SMA, the bottom of the price channel and another Fib confluence. Due to the time decay factor we are looking at a price somewhere between .92 and $1.00.
Finally we have C which is dual Fib confluence between .80 and .82 and would represent a 50% retracement from recent highs.
Because of the fundamental nature of what has, and is yet to transpire, it will be quite interesting to see how well technical analysis serves us in the short term. While these price levels are not predictions, should we see a break of $1.16, resting buy orders could be placed at or near the above mentioned prices for investors seeking entry.
As a Man Thinketh by James Allen
Chapter Five - The Thought - Factor in Achievement