Roger - nice chart on GDX. It has only managed to provide some
bounce trades of late and the failure to take back the 50 day MA
overhead (as it was declining I pointed out in a few newsletters
that it was nearing an inflection point) on Wednesday led to a
REVERSAL candle yesterday which was confirmed today.
Take note of the chop over the past few weeks when the 9/20 MA's
were moving sideways waiting for the 50 day MA to come down...thus
creating an inflection point. Bulls hope is that such consolidation
was a LS and now moving down to create a Head (understand?).
In any event, the recent action under the hood showing a
fractured index (several stocks breaking down while some bounced)
was just another reason to remain prudent and WAIT for further
evidence (confirmation) that a TRUE reversal could occur to the
upside which clearly failed.
Roger - nice chart on
"Haven't got time for the pain"
Posted by steve on 24th of Jan 2013 at 04:27 pm
Roger - nice chart on GDX. It has only managed to provide some bounce trades of late and the failure to take back the 50 day MA overhead (as it was declining I pointed out in a few newsletters that it was nearing an inflection point) on Wednesday led to a REVERSAL candle yesterday which was confirmed today.
Take note of the chop over the past few weeks when the 9/20 MA's were moving sideways waiting for the 50 day MA to come down...thus creating an inflection point. Bulls hope is that such consolidation was a LS and now moving down to create a Head (understand?). In any event, the recent action under the hood showing a fractured index (several stocks breaking down while some bounced) was just another reason to remain prudent and WAIT for further evidence (confirmation) that a TRUE reversal could occur to the upside which clearly failed.
bpgdm
Posted by roger on 24th of Jan 2013 at 04:45 pm
Again, showing the negative divergence -
http://stockcharts.com/h-sc/ui?s=$BPGDM&p=D&yr=1&mn=6&dy=0&id=p79353578858&a=288070648&r=1359063763191&cmd=print
9/20/50/200 - all in negative alignment. Nothing to get excited about here that I can see.
http://stockcharts.com/h-sc/ui?s=GDX&p=D&b=5&g=5&id=t44434606467&r=1359064531089&cmd=print