Once again GDX tests trendline from last Oct.
Started by
viccarter
, Jan 16 2010 08:17 PM
2 replies to this topic
#1
viccarter
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TRIN_Rida
Posted 16 January 2010 - 08:17 PM
Everything so far has been a buy... Does it break down this time?
#2
viccarter
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TRIN_Rida
Posted 16 January 2010 - 08:19 PM
sorry that pic is blurry. something is wrong with my Jing; had to use a JPEG.
#3
TechMan
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Member
Posted 17 January 2010 - 05:46 PM
Everything so far has been a buy... Does it break down this time?
Hey Vic,
The volatility (Standard Deviation up to 2.5-3.0) and the price pattern of GDX made this one of my favorite trading stocks since September. Every time the price hits the lower span of the Ichimoku cloud, it bounces right back (circles on the chart). And, here it is again right, below that lower support line.
Considering that GLD is likely in the process of forming a Cup-and-Handle pattern, I'm waiting to see if (1) GDX would stay below the Ichimoku cloud, (2) the Handle part of the GLD would pan out.
