18Nov10:35 amEST

You Better Come to Play in This Sector

pictures_of_the_day_5-1 I am still focused on the precious metals and miners space from the long side, as sentiment had become wildly bearish off recent lows while price action has improved to confirmed positive divergences. In addition, we can see the junior gold miners, housed in the GDXJ ETF, outperforming the entire space once again this morning, which is typically a sign of thriving risk appetite for precious metals and miners in general. On the 30-minute chart for GDXJ, below, note the similar confirmed (on this timeframe) highlighted bottoming pattern dating back to Halloween, which is continuing to push higher yet. On the daily timeframe, the longer GDX and GDXJ can hold above their respective 20-day moving averages the better the chance we have of a more meaningful snapback rally. I remain long AGQ and NUGT as a way to play this thesis.  More on this later, especially if I add to those positions. _________________________________________ GDXJ

Late Night Strategy for Tues... The Long and Short of It

 
BackToTop
 

This website is intended for educational purposes only. | © 2017 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

Mobile Site | Full Site