27Mar11:02 amEST

Last Chance to Refuel

A few weeks back, we observed the $21.40 level on the GDXJ, ETF for junior gold miners seen on the daily chart, below, as being critical last-stand support before a major bear market breakdown ensued and likely saw the bear resuming for the metals and miners. 

Instead, bulls defended that level on a weekly closing basis, leading to a reasonably strong rally in recent weeks. 

After that rally, junior miners have since pulled back down towards the orange line, which is the 20-day moving average. Headed into the weekend, the issue remains whether miners can manage a higher low now in order to add credence to the idea that we have a potential bottom off $21.40. 

I am open to either long or short trades here, depending on how price reacts to where I have drawn the yellow arrows. 

JNUG is the levered long version of the juniors, while JDST is their levered short ETF. 

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