OIH - Chart Link - showed these in the
newsletter, rising wedges with divergence, clearly playing out
today. I added symmetry lines on the charts for guides
mike - not surprised GDX was showing really weak relative
strength this morning, it was up like 4 - 5 cents when gold was up
10.
I haven't monitored GDX too much today though, I didn't like GDX
on Friday and per my weekend analysis of it. A good cloe
below the 9 EMA would be a negative, so far the pullback is small
yet
I have no interest in this area for swing longs anymore, maybe
later this summer
OIH and XLE wedges playing out
Posted by matt on 25th of Apr 2016 at 03:16 pm
OIH - Chart Link - showed these in the newsletter, rising wedges with divergence, clearly playing out today. I added symmetry lines on the charts for guides
XLE - Chart Link
What do you do you think about some GDX follow-thru to the downside?
Posted by zitron on 25th of Apr 2016 at 03:23 pm
mike - not surprised GDX
Posted by matt on 25th of Apr 2016 at 03:29 pm
mike - not surprised GDX was showing really weak relative strength this morning, it was up like 4 - 5 cents when gold was up 10.
I haven't monitored GDX too much today though, I didn't like GDX on Friday and per my weekend analysis of it. A good cloe below the 9 EMA would be a negative, so far the pullback is small yet
I have no interest in this area for swing longs anymore, maybe later this summer
Thanks, Matt. I am short. Just wondering if you think we are wedging like XLE here or we still have downside momentum.
Posted by zitron on 25th of Apr 2016 at 03:31 pm
hard to say, OIH met
Posted by matt on 25th of Apr 2016 at 03:32 pm
hard to say, OIH met it's symmetry on the 60 min and has bounced off that, whereas XLE did not, I could see a bounce in these maybe form a lower high?