The month isn't over yet, but yesterday's big move up has turned the bar green. Can we hold these levels into month end? We have had a double bottom in place for a while. So gaining some upside momentum seems possible. Here is a look at the GDX monthly chart.
GDX has a potential inverse head and shoulder bottom forming. It also has turned the monthly bar green. A very positive change of character if it sticks.
If these ETFs do make a bottom and bounce I have no idea how long it might last. There is clearly plenty of room above for a significant bounce. However, the 18 SMAs are heading down sharply. Price needs to get above that MA and stay there long enough to turn it back up before we can feel comfortable they have probably started a new bull market. That will take some work. In the mean time it looks like they are worth watching for long trading ops.
Bob
No comments:
Post a Comment