Just as puma showed yesterday with GLD, the GDX, probably like
the markets and most everything on intraday charts, is in a huge
bullish falling wedge. Going to be looking for more downside
with gold and the market first, could be a washout or at least a
big bounce today or very soon to break out above the wedge.
Checking Matt and Steve's chart of the 60 min. GDX on their "useful
dynamic stockcharts" page, there is support in the 45.5-46 area
from 2-3 times in April, and below that, there are unfilled gaps
between 44-45 from late March-early April that it could reach and
fill before a reversal. If you look at their 15 min.
chart of GDX on the same page, which also shows the GDX/GLD ratio,
there is positive divergence on the MACD,
GDX started showing a lot of positive RSI divergence today, even
on the 30 and 60 min. charts. It found support as I
discussed earlier, at the April lows between 45.5 and 46 (at
45.88). It's at 47 1/2 now, would like to see it get above
48 to break out of the downtrending channels on the 30 and 60 min.
charts. Today's spike down, even with the subsequent rally,
only extended the bullish wedge on the daily chart, and it still
hasn't got above 20 on the 60, 3 slow stochastics on Matt &
Steve's GDX 15 min. dynamic stockchart.
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EWA v GDX
Posted by window72 on 21st of May 2010 at 02:49 am
Bullish divergence on the 14 day RSI, albeit not on the MACD, bu this could be a way to play a recovery from oversold.
GDX wedge and support
Posted by sonia on 21st of May 2010 at 08:22 am
Just as puma showed yesterday with GLD, the GDX, probably like the markets and most everything on intraday charts, is in a huge bullish falling wedge. Going to be looking for more downside with gold and the market first, could be a washout or at least a big bounce today or very soon to break out above the wedge. Checking Matt and Steve's chart of the 60 min. GDX on their "useful dynamic stockcharts" page, there is support in the 45.5-46 area from 2-3 times in April, and below that, there are unfilled gaps between 44-45 from late March-early April that it could reach and fill before a reversal. If you look at their 15 min. chart of GDX on the same page, which also shows the GDX/GLD ratio, there is positive divergence on the MACD,
gdx found support
Posted by sonia on 21st of May 2010 at 11:10 am
GDX started showing a lot of positive RSI divergence today, even on the 30 and 60 min. charts. It found support as I discussed earlier, at the April lows between 45.5 and 46 (at 45.88). It's at 47 1/2 now, would like to see it get above 48 to break out of the downtrending channels on the 30 and 60 min. charts. Today's spike down, even with the subsequent rally, only extended the bullish wedge on the daily chart, and it still hasn't got above 20 on the 60, 3 slow stochastics on Matt & Steve's GDX 15 min. dynamic stockchart.