Chart dates from Monday.
The large period of distribution on heavy volume that
occurred between Nov-2010 and Mar-2012 created significant overhead
supply and stranded many investors out of the money. If HUI can put
in another higher low and then break above blue line resistance
than I think that would be long term bullish. The problem is that
index heavy weights NEM, ABX and GG have all been poor
performers and a significant drag on the index.
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HUI Gold Bugs Index Long Term Chart
Posted by rixx on 13th of Dec 2012 at 09:49 am
Chart dates from Monday.
The large period of distribution on heavy volume that occurred between Nov-2010 and Mar-2012 created significant overhead supply and stranded many investors out of the money. If HUI can put in another higher low and then break above blue line resistance than I think that would be long term bullish. The problem is that index heavy weights NEM, ABX and GG have all been poor performers and a significant drag on the index.