Recovery Rally in Gold Miners GDX ETF
Commodities / Gold & Silver Stocks Apr 20, 2009 - 01:39 PM GMTBy: Mike_Paulenoff
My near-term work argues that the decline in the Market Vectors Gold Miners ETF (NYSE: GDX) from the March 26 high at 39.15 into Friday’s low at 30.80 is complete, and that the GDX has started a recovery rally reaction that should climb at least to 33.00 in the upcoming hours.
A climb that sustains above 34.50 is needed to trigger additional strength and to confirm that the GDX has started a new upleg within its larger, intermediate-term base pattern –- on the way towards a major test of resistance at 38.60/90. A sustained climb above 37.00 is needed to trigger intermediate-term buy signals that project to 42.50 and then to 45.00. For the time being, however, let’s see if the GDX can claw its way back above 33.00/30.
Sign up for a free 15-day trial to Mike's ETF Trading Diary today.
By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
© 2002-2009 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.
Mike Paulenoff Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
