Long GDX here. Very tight stop but I think this is the low then off we go...
Takin' the coffee trade too.. Hollow red reversal candle sticks in the hourly "usually" portent higher prices in the next few days... playing consolidation as long as it's working.
testing the day high, key time as it's the 2nd test. I'm neutral here.
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GDX 27 aug was a key reversal day on big volume
Double-top target-down was met and exceeded today, and erased.
Bulls need to see it successfully back-testing the old neckline at 26 ish (blue). It is weak but it should hold, at least temporarily, as selling volume is currently drying up
Next support below that is the uptrend line
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Al_Dente wrote:GDX 27 aug was a key reversal day on big volume
Double-top target-down was met and exceeded today, and erased.
Bulls need to see it successfully back-testing the old neckline at 26 ish (blue). It is weak but it should hold, at least temporarily, as selling volume is currently drying up
Next support below that is the uptrend line
910gdx_png.png
Nice chart. GDX fulfilled a lot of things today. Closed gap, met double top target, backtesting broken neckline.. GLD 4-hour 200MA holding atm. GDX possibly forming a right shoulder of an inverted H/S with a funky head... Either way it's a trade worth taking for me.
Al_Dente wrote:GDX 27 aug was a key reversal day on big volume
Double-top target-down was met and exceeded today, and erased.
Bulls need to see it successfully back-testing the old neckline at 26 ish (blue). It is weak but it should hold, at least temporarily, as selling volume is currently drying up
Next support below that is the uptrend line
Nice chart. GDX fulfilled a lot of things today. Closed gap, met double top target, backtesting broken neckline.. GLD 4-hour 200MA holding atm. GDX possibly forming a right shoulder of an inverted H/S with a funky head... Either way it's a trade worth taking for me.
Thx
off topic:
SPY
Green boxes show what happened the last time RSI (2) was above 99 (daily)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.