If you look at the daily chart on GDX from Aug though now
(sorry, can't post the chart right now) and you see it as a complex
head and shoulders that's breaking the neckline today, then it
measures down to about 9.
the pm stocks have been under performing relative to the metal
in a big way for quite a while, the breakdown that started last
week is not a surprise, yes some support here from Aug, if that
doesn't hold then could sell down to a lower trendline as shown in
the weekly.
simply put, the pm stocks have gotta start to OUT perform
relative to the metal in order to form any sort of bottom, today
GDX is down 4%, while gold is nearly flat. We need to see
that reversed
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GDX potential double bottom
Posted by pwb8 on 19th of Jan 2016 at 01:01 pm
Interesting candle on the 1 hour chart right now too.
Very stretched from the 9 day ema.
Maybe we get a bounce.
looks pretty ugly. lot of people
Posted by oatdust on 19th of Jan 2016 at 01:18 pm
looks pretty ugly.
lot of people think it will trade in single digits before it bottoms.
never thought it would get this low. Low oil prices was supposed to be good for the miners.
ha yep - single digits
Posted by matt on 19th of Jan 2016 at 01:21 pm
ha yep - single digits may be coming ultimately for GDX, crazy.
deflationary spiral in this world
If you look at the
Posted by puma on 19th of Jan 2016 at 02:14 pm
If you look at the daily chart on GDX from Aug though now (sorry, can't post the chart right now) and you see it as a complex head and shoulders that's breaking the neckline today, then it measures down to about 9.
And for a near-term catalyst,
Posted by a_l_ on 19th of Jan 2016 at 01:42 pm
And for a near-term catalyst, Draghi's last cowbell didn't do the trick. This week he's going to take another shot at pushing the Euro down.
It's looking like GDX could
Posted by pwb8 on 19th of Jan 2016 at 01:44 pm
It's looking like GDX could break the 12.40/12.50 support range soon if my theoretical bounce doesn't come quickly.
the pm stocks have been
Posted by matt on 19th of Jan 2016 at 01:14 pm
the pm stocks have been under performing relative to the metal in a big way for quite a while, the breakdown that started last week is not a surprise, yes some support here from Aug, if that doesn't hold then could sell down to a lower trendline as shown in the weekly.
simply put, the pm stocks have gotta start to OUT perform relative to the metal in order to form any sort of bottom, today GDX is down 4%, while gold is nearly flat. We need to see that reversed