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October 17, 2024

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The Master Sentiment Chart You Need to Follow

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At some point, this raging and relentless bull market has to slow down — right?!? And yet, as you’ll see from a quick review of three key market sentiment indicators, there could still be plenty of room for further upside in risk assets.

Today we’ll break down three of the market sentiment indicators I’m following to track a potential market top, and, along the way, I’ll share how a contrarian mindset could help investors navigate a volatile Q4!

Put/Call Ratio Hits an Extreme Low Reading

Let’s start with a measure of positioning in the options market, looking at the volume of put options (implying a bearish bet) vs. call options (indicating a bullish bet). I’m using the equity put/call ratio here, which ignores the volume in index options and focuses instead on individual stocks.

Since this is a fairly noisy data series, I’m showing the raw data in gray and smoothing out the day using a 5-day simple moving average in pink. You may notice that last week the raw data reached its lowest level since July 2023, indicating heavy bullish positioning. As a contrarian measure, this suggests to me that perhaps the options market is way too bullish as the S&P 500 pounds to new all-time highs.

AAII Survey Has Not Reached Euphoric Levels

While the put/call ratio has reached an extreme reading, I would not say the same for the AAII survey.  This weekly survey of the members of the American Association of Individual Investors often becomes overheated toward the end of a bullish market phase, with the percent of bulls pushing above 50% of respondents.

Last Thursday’s reading came in just below that, registering a 49% bullish reading, with bears representing around 21% of the survey participants. So while there are way more bulls than bears, until the bullish reading pushes above 50%, I’m inclined to assume there could be more upside before I would label this as a “euphoric” reading. Note how most of the swing highs over the last 18 months have seen a bullish reading above 50!

NAAIM Exposure Index Implies More Upside Potential

While the AAII survey involves a group of individual investors, the NAAIM Exposure Index features responses from active money managers who are members of the National Association of Active Investment Managers.  This survey asks for participants to share their current allocation to equities, and responses can range from -200% to +200%.

The latest reading here was around 90%, similar to the levels we’ve seen over the previous four weeks. If and when this indicator gets above 100%, implying respondents are leveraged long equities, I would consider the indicator to be in the euphoric range. And when indicators like this get to a level implying pretty much everyone is long equities, I begin to wonder whether a contrarian sell signal is right around the corner.

I love being able to combine different sentiment indicators into one “master” chart, so I can easily track their signals and look for confirmation across different technical approaches. With that in mind, I’ve created a Master Sentiment Chart to help identify if and when these indicators confirm a euphoric level as investors get a little too bullish.

Note that this is a weekly chart and provides a good overview of sentiment indicators. Be sure to review the daily charts for further detail, and remember that mindful investors recognize that price, breadth, and sentiment can and should be used together!

For more on these sentiment indicators and how I’m tracking their signals in October 2024, check out my latest video on StockCharts TV.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

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Sector Rotation is Giving Conflicting Stories!

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In this video from StockCharts TV, Julius dives in to the sector rotation model, trying to find any alignment between theoretical and real-life rotations of sectors in combination with the economic cycle. The positions of the various sectors and the economic indicators that are part of this model are not giving a very clear answer at the moment. Combine that with a lack of trading volume on the upside and you have enough conflicting pieces of the puzzle for Julius to avoid being all-out bullish on the general market.

This video was originally published on October 15, 2024. Click anywhere on the icon above to view on our dedicated page for Julius.

Past episodes of Julius’ shows can be found here.

#StayAlert, -Julius

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Why the MACD Crossover Signal is SO Important

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In this exclusive StockCharts TV video, Joe shares the MACD downside crossover signal and explains the different ways it can play out when it takes place above the MACD zero line. These downside crossovers can lead to opportunities depending on other criteria, including the ADX action. He then shows how this pattern is playing out in big name stocks like NVDA and LLY, as well as Bitcoin right now. Finally, he goes through the symbol requests that came through this week.

This video was originally published on October 16, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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United Airlines Stock Soars: Watch For a Promising Buying Opportunity

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Airline stocks had a strong day, with United Airlines (UAL), American Airlines (AAL), and Delta Airlines (DAL) posting strong gains. The main reason for the rise in airline stocks was UAL’s better-than-expected earnings report and strong guidance, which comes just days after Delta missed its earnings. Having struggled for years, UAL seems to have overcome some of its headwinds, which is an encouraging sign; after reducing routes and increasing prices, UAL is seeing its efforts pay off.

If you look closely at the Industrial sector in the StockCharts MarketCarpets, you’ll find these three companies represented as dark green squares.

FIGURE 1. MARKET CARPET FOR OCTOBER 16, 2024. It was a big day for airline stocks with United Airlines, American Airlines, and Delta Airlines as the top three performers.Image source: StockCharts.com. For educational purposes.

The monthly chart of UAL below shows the stock price has broken out of a triangle pattern, clearing the runway for the stock to ascend toward its pre-pandemic high.

FIGURE 2. UNITED AIRLINES STOCK CLEARED FOR TAKEOFF. The stock price has broken out of a triangle pattern and could cruise toward its pre-pandemic high.Chart source: StockChartsACP. For educational purposes.

The relative strength index (RSI) is approaching its 70 level, another encouraging sign. Let’s move to a daily chart and see if there’s a trading opportunity in UAL.

FIGURE 3. IT’S CLEAR SKIES FOR UNITED AIRLINES STOCK. With a high SCTR score, strong relative performance against the airline industry, and a move above the 10-day exponential moving average, UAL can see more upside.Chart source: StockChartsACP. For educational purposes.

UAL is outperforming the Dow Jones US Airlines Index ($DJUSAR) by 24.06% ,and its StockCharts Technical Rank (SCTR) is at an impressive 98. Looking at the chart, the path is clear for UAL to hit its pre-pandemic highs of between $92 and $97. A pullback would be healthy and, if it happens, a reversal on strong momentum would present a buying opportunity.

I’ve added a 10-period exponential moving average (EMA) for a support level to use as a stop loss. If price hits that level, accompanied by a drop in the SCTR score, I would exit the position.

United vs. American vs. Delta

Let’s look at how the three top airline stocks performed.

FIGURE 4. COMPARING THE THREE TOP AIRLINE PERFORMERS. United Airlines and Delta Airlines are close to their pre-pandemic highs. American Airlines has a long way to go.Chart source: StockChartsACP. For educational purposes.

United and Delta are trading close to their pre-pandemic highs with similar chart patterns. You could do an analysis of Delta’s stock to determine if it’s worth adding it to your portfolio. A plus point for Delta—it pays out a small dividend. American Airlines is still struggling and probably wouldn’t be a portfolio candidate unless bottom fishing is your trading style.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Investing

Chariot Corporation Ltd (ASX: CC9) – Trading Halt

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Description

The securities of Chariot Corporation Ltd (‘CC9’) will be placed in trading halt at the request of CC9, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 21 October 2024 or when the announcement is released to the market.

Issued by

ASX Compliance

Click here for the full ASX Release

This post appeared first on investingnews.com

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Cipher Mining to Acquire Three Data Center Sites in Texas

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New York-based Cipher Mining (NASDAQ:CIFR), a Bitcoin data center developer and operator, said Tuesday (October 15) that it has signed option agreements with Juvo Energy to acquire three data center sites in Texas.

According to the company, the agreements involve two locations in North Texas and one in West Texas, each of which offers 500 megawatts of potential capacity across a total land area of more than 580 acres.

Cipher plans to use the sites to develop high-performance computing (HPC) and Bitcoin-mining data centers.

Under the deals, Cipher has a 24 month window to exercise its options to either lease or purchase the sites. The ultimate cost of acquiring the land will depend on the total megawatts approved for interconnection at each site.

The locations are adjacent to transmission assets and are close to final approval stages for interconnection, making them well positioned for the development of large-scale, energy-intensive data centers.

Cipher CEO Tyler Page highlighted that the sites offer strategic value for the company, allowing it to secure premium areas early in the development process. “We have seen increasing demand from hyperscalers for large sites that can be energized within the next three years,” he said in the press release published by the company.

He emphasized that Cipher’s early involvement provides long-term benefits for supply chain management and construction, giving it a competitive edge in locking down sites that can be brought online within the next few years.

The acquisition of these sites will further expand Cipher’s growing portfolio of Bitcoin-mining and data center operations. The company’s total active and planned capacity will now reach 2.5 gigawatts across 10 locations.

Juvo Energy, the company providing the land, specializes in developing powered land sites across the US. Juvo Energy’s portfolio includes over 6 gigawatts of projects currently under development.

For its part, Cipher is focused on advancing the infrastructure of the Bitcoin network by developing and operating energy-efficient Bitcoin-mining data centers. Through these acquisitions, Cipher aims to strengthen its position as a leader in the sector by expanding its hosting capabilities for both HPC and Bitcoin-mining operations.

With these latest agreements, the company is poised to make progress in its efforts to develop large-scale Bitcoin mining and HPC facilities in Texas, one of the nation’s key energy hubs.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Greenridge to Expand Canadian Uranium Portfolio with ALX Resources Buy

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Greenridge Exploration (CSE:GXP) has entered into a binding arrangement agreement to acquire ALX Resources (TSXV:AL,OTC Pink:ALXEF), a move it says will give it stakes in 16 uranium assets in Canada.

The combined entity will also have exposure to critical minerals assets, with interests in 13 further lithium, nickel, copper and gold projects in its portfolio. In total, all 29 projects will cover 435,000 hectares.

Carpenter Lake will be one of the flagship assets in the company’s stable. Greenridge will own 60 percent of the uranium property after the acquisition is complete, with the option to boost its stake to 100 percent.

The purchase of ALX will also bring other key uranium assets to Greenridge, such as the Black Lake, Gibbons Creek, Hook-Carter and McKenzie Lake projects. Together they span approximately 173,000 hectares.

The company’s October 11 press release notes that ALX shareholders will benefit from exposure to Greenridge’s Nut Lake uranium project in Nunavut’s Thelon Basin. Nut Lake has seen about 6,920 feet of diamond drilling activity, and is near Atha Energy’s (TSXV:SASK,OTCQB:SASKF) Angilak project, which hosts the Lac 50 Trend deposit.

The deal between Greenridge and ALX follows a non-binding letter of intent announced on September 5. The acquisition is expected to create a vehicle with a market capitalization of approximately C$35 million.

ALX shareholders will receive 0.045 Greenridge shares for each ALX share held. Upon completion, Greenridge shareholders will hold about 75.2 percent of the merged firm, while ALX shareholders will own around 24.8 percent.

Warren Stanyer, CEO and chairman of ALX, will join Greenridge as president and director, along with an additional nominee to the company’s board of directors. Russell Starr will remain as CEO and director.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Gold Price Update: Q3 2024 in Review

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Gold’s record-breaking price rise continued in the third quarter of the year, with the yellow metal soaring above US$2,600 per ounce for the first time in September and then moving even higher.

Critical support for the precious metal came in the form of a 50 basis point interest rate cut by the US Federal Reserve on September 18. Speaking about the much-anticipated reduction, Chair Jerome Powell cited better balance as the once-hot labor market showed signs of cooling and inflation eased closer to the central bank’s 2 percent target.

Adding fuel to gold’s momentum was geopolitical uncertainty, which pushed some investors to seek out safe havens. The main contributing factor was the escalation of tensions in the conflict between Israel and Gaza.

Read on for more on gold’s Q3 price drivers and what experts see coming in the months ahead.

How did the gold price perform in Q3?

Gold started Q3 at US$2,332.30, quickly moving higher to set a new record of US$2,468.30 on July 17.

Its momentum was fueled by speculation that the Fed might cut rates at its July 30 to 31 meeting.

At the time, Fed Governor Christopher Waller suggested the time for cuts was “drawing closer,” but added that there was still uncertainty, stopping short of saying a reduction would come at the July meeting. Ultimately the Fed didn’t end up cutting then, citing the need for more data indicating that inflation was sustainably moving toward 2 percent.

Gold finished the month at US$2,445.70 on July 31.

Gold price, Q3 2024.

Chart via Trading Economics.

The gold price gained at the start of August as a nonfarm payroll report out of the US boosted market watchers’ expectations that the Fed’s rate cut would come in September. The report indicated that the labor market was weakening faster than expected, and by August 15 gold had breached the US$2,500 mark for the first time.

Gold set yet another new price record of US$2,525.30 on August 27, not long after Powell gave his annual address at the Jackson Hole Economic Symposium, held in Wyoming from August 22 to 24.

He gave his most clear indication that a rate cut was coming, saying, “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

With a lackluster August jobs report released on September 6, and inflation nearing 2 percent, analysts’ discussions turned to not when a rate cut would occur, but how large it would be.

The question was answered after the Fed’s September 17 to 18 meeting, when offiials made the decision to slash rates by 50 basis points. In the immediate aftermath, the gold price saw increased volatility; however, the precious metal stabilized and then gained momentum, pushing through the US$2,600 threshold.

Gold set a new record of US$2,672.51 on September 26 before closing the quarter at US$2,635.70. It has seen further gains at the start of Q4m trading in record territory before markets closed on October 16.

Central bank buying providing critical support

While lower rates tend to be positive for gold, the biggest story of the year is still central bank buying.

That position is supported by data from the World Gold Council. It indicates that purchases from central banks reached record levels in the first half of the year, coming in at 483 metric tons.

This was despite a halt in buying by the People’s Bank of China (PBoC) at the end of Q2. While the PBoC has yet to resume purchases of the precious metal, it granted several regional banks new import quotas in August.

Additionally, even if China’s gold buying has slowed down, Barrett suggested that Turkey, India and Kazakhstan have all continued to buy at elevated levels, taking up some of the slack.

Both Tiggre and Barrett added that geopolitical uncertainty, especially escalating tensions in the Middle East, could be a driving force that pushes investors toward gold as they seek more security in their portfolios.

Will gold’s high price drive M&A activity?

With gold continuing to hit record-high prices, Barrett expressed surprise that there hasn’t been more movement on the M&A front, but offered some potential reasons why it’s taking time to kick in.

“I suspect the main reason is the massive rise in production costs and higher interest rates — making capital expenditure in a capital-intensive sector a large drag on the share prices,’ he explained. ‘Labour, energy and raw material costs have all risen significantly. Maintaining a mine requires huge upfront investment — the rise in global interest rates, from historically very low levels, means the higher returns from gold prices is still being eaten into by the running costs.’

That said, M&A activity in the sector has begun to heat up to some extent. In August, South Africa-based Gold Fields (NYSE:GFI,JSE:GFI) announced plans to acquire Canada’s Osisko Mining (TSX:OSK) for C$2.16 billion. The move would consolidate the Windfall project in Quebec, Canada, which is currently a 50/50 joint venture between the two companies. The deal is expected to be finalized when Osisko shareholders meet in October.

This was followed by the September news that fellow South African gold miner AngloGold Ashanti (NYSE:AU) has entered into an agreement to purchase UK-based Centamin (TSX:CEE,LSE:CEY) for US$2.5 billion.

Tiggre sees an increase in M&A activity as inevitable. “Producers that haven’t been exploring much need to buy viable deposits or they’ll mine themselves out of existence. And historically, yes, that trickles down to exploration,” he said.

Presenters at the latest Metals Investor Forum in Vancouver, BC, said senior producers will first look to companies that already have assets in production or close to producing, maximizing cash flow before moving on to riskier plays in exploration. However, eventually they may become more interested in junior miners.

This point was echoed by Barrett. “I suspect we will see more consolidation in the sector. The miners with the larger, better-funded balance sheets will look to take advantage of merging operational costs,” he said.

Investor takeaway

Both Tiggre and Barrett see gold continuing to rise through to the end of the year.

He noted that conflicts in the Middle East and between Russia and Ukraine could boost gold, but also noted the election could provide a leg up for gold. “Both mainstream candidates’ promises are inflationary. That’s bullish for gold, whoever wins. When the election is contested — which it almost certainly will be — it depends on whether the situation boils over into major social unrest. That would likely scare people into safe-haven assets like gold. Short of that, the damage to the social fabric of the US will take longer to play out,” Tiggre explained.

Barrett noted that he sees the price being driven not by speculative interest, but by demand from buy-and-hold players. That suggests the market “has reached a point where any selling or hedging is simply swamped.”

He added that gold’s current price level poses a challenge for the average trader.

“Having the confidence to continue to buy after the huge moves seen at these levels is hard. We have seen much more two-way flow since we broke US$2,400, trader confidence to buy and hold is lower,” he said.

Like Tiggre, Barrett anticipates considerable risk in the coming months.

“From a market perspective, the election could affect all risk buckets in a material manner. The direction of global conflicts, particularly in the Middle East and Ukraine, seems to hinge on who is the next president. The same could be said for political relationships, especially with China, progress on trade, tariffs and economic stimulus continuing,” he said.

Ultimately, Barrett sees a higher gold price coming as geopolitical and economic uncertainty leads to increased pockets of volatility and demand from central banks continues to support the market.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Red Metal Resources Plans Hydrogen Exploration Program Contiguous to Recent Hydrogen Discovery in Quebec and Announces Engagement of Marketing Firm

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Red Metal Resources Ltd. (CSE: RMES) (OTC PINK: RMESF) (FSE: I660) (‘Red Metal’ or the ‘Company’) is pleased to announce that it has started planning for an initial Hydrogen exploration program on its recently announced mineral claims directly contiguous to Quebec Innovative Materials Corp. (‘QIMC’) Hydrogen sample discovery of over 1,000 ppm, announced on September 4th, 2024. These mineral claim blocks are located within the Timiskaming Graben formation approximately 15 km north of the town of Ville Marie, Quebec, located between two major mining cities and is accessible by road (Route 101).

Red Metal’s due diligence, initial exploration, and field work could include but not limited to:

Artificial Intelligence and target mapping algorithms, which utilize the known hydrogen occurrences to outline target areas having a similar spectral response to QIMC’s hydrogen occurrences.

Gas sampling from the soil and underwater surveys in Lake Timiskaming. These surveys can be used to locate degassing zones associated with faults in the Timiskaming rift.

Gravimetry and audiomagnetotellurism (AMT) geophysics to assess variations in the thickness of local sedimentary rock deposits (gravity troughs) over the Archean basement. AMT data will assist in locating graben-related faults in the St-Bruno-de-Guigue area that are covered by quaternary sediments.

Regional remote sensing gas surveys to identify specific Hydrogen targets using drones can also be realized to provide useful remote sensing data for hydrogen and helium exploration.

Fieldwork to be carried out mainly in the Municipality of St-Bruno-de-Guigues sector.

The Company is currently reviewing available data and formulating an exploration plan with further details to be provided in due course.

The claim blocks consist of three separate packages, covering 19 cells and totaling over 1,100 hectares to the North, Northeast and the Southwest of QIMC’s Hydrogen sample discoveries. These claim blocks exhibit close proximity and similar geological setting to that of Quebec Innovative Materials Corp.’s recent hydrogen-in-soil discovery, with similar geology to the large natural hydrogen Ramsey Project discovery by Gold Hydrogen Ltd. in South Australia.

Red Metal Resources President and CEO, Caitlin Jeffs, stated, ‘We have commenced planning for an initial comprehensive exploration program to test for Hydrogen directly next to sampling discoveries in Quebec by QIMC. Red Metal intends on utilizing new innovative exploration techniques, such as AI and target mapping algorithms, combined with traditional proven exploration techniques to quickly and effectively explore this exciting opportunity. We are currently evaluating additional highly prospective mineral properties in the area, to expand our clean energy portfolio.’

Additionally, the Company previously announced that it has retained Aktiencheck.de AG to assist with an initial European marketing awareness program (the ‘Program’) on January 12, 2022, and had pre-paid for the Program at that time. The engagement includes up to six editorial write-ups, standalone email marketing campaign distribution of the editorial write-ups to opt-in email-addresses of active investors, reports about the company distributed via website, newsletter, social media, email and display marketing, bigdata and native advertising.

The Program is anticipated to commence on October 23rd, 2024, and will run for up to three months. The cost of the engagement is EUR 50,000 and has been paid in advance in the previous fiscal year.

Both Aktienchek.de AG and its principal, Stefan Lindam, are arm’s length parties to the Company.

This news release may contain information about adjacent properties on which the Company has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused both on its new mineral claims in Ville Quebec, which is contiguous to recent hydrogen discoveries, and on the Company’s Chilean projects which are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal Cordillera. Red Metal is quoted on the CSE under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF, and on Frankfurt Stock Exchange under the symbol I660.

For more information, visit www.redmetalresources.com

Contact:
Red Metal Resources Ltd.
Caitlin Jeffs, President & CEO
1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com

Forward-Looking Statements – All statements in this press release, other than statements of historical fact, are ‘forward-looking information’ within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal’s public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226891

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Stray dogs are eating the dead in the streets of northern Gaza, emergency services chief says

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Editor’s Note: This story contains graphic material that some readers may find disturbing.

Bodies strewn across dusty streets, entire roads destroyed by Israeli strikes, people starving. This is the picture painted of Jabalya, northern Gaza, by the emergency services chief in the area.

“Stray dogs who are hungry are eating these bodies in the street… It makes it difficult for us to identify the bodies,” he said.

Afana said that there are “thousands of children” and pregnant women stuck in the besieged area, where the Israeli military has carried out aerial and ground attacks in three neighborhoods over the past 12 days.

The Israel Defense Forces (IDF) says it is targeting Hamas’ renewed presence there.

At least 50,000 people have been displaced from the Jabalya area, the UN’s Office for the Coordination of Humanitarian Affairs reported on Sunday. The 400,000 who remain in northern Gaza are stalked by hunger and face thunderous bombardment.

The UN has accused the Israeli military of forcing residents of northern Gaza to choose between starvation or relocation.

“Civilians are given no choice but to either starve or leave,” Philippe Lazzarini, the head of the UN’s agency for Palestine refugees (UNRWA), said in a statement on Monday. “In Gaza, too many red lines have been crossed. What might constitute war crimes can still be prevented.”

The Israeli agency that manages the flow of aid into Gaza said that 30 trucks entered the north on Monday, insisting that Israel “is not preventing the entry of humanitarian aid.”

Afana said that on Monday Israeli forces had fired on hungry residents searching for food at a warehouse aid center run by UNRWA. “The situation is getting worse,” he said.

UNRWA said that an artillery attack at its Jabalya food distribution center on Monday reportedly killed at least 10 people and injured another 40.

“For the paramedics, it is also very dangerous to reach this area… as a result of the roads being blown up and direct fire from the Israeli military on our vehicles,” Afana said.

He said ambulances had been hit by shrapnel from Israeli artillery shelling near Yemen al-Sa’eed Hospital, in Jabalya, sharing a video of the aftermath that showed an ambulance with crushed tires and bullet marks.

“What is happening in northern Gaza is a real genocide,” he added. “We can’t do our job normally.”

At least 342 Palestinians have been killed in parts of northern Gaza since the Israeli operations started earlier this month, Gaza’s Government Media Office reported on Monday, adding that hundreds of “civilians, children and women” have been injured. On Tuesday, at least 17 people were killed in northern Gaza, according to Gaza’s Civil Defense.

This post appeared first on cnn.com

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