Miners coming down today. Can someone give guidance on what to
look for to discern an uptrend that's rolling over versus a drop
that will result in another push up? I am trying to gauge for
hidden divergence on 30-60 min.
Today's pullback seems logical and orderly. GDX, for
example, has been up 4 days in a row and is finding some
predictable resistance at the top of the daily Bollinger Band.
Below, it has a lot of converging support on the daily - the
9, the 20 and the 50 are all coming together as support. A
pullback to that level would be logical, even healthy for another
move up. I wouldn't say miners have been in an uptrend; they
have been in a multi-month downtrend that
maybe reversing. If price clears the upper downtrend
line from Aug, that would be very constructive for a bullish case
(said in my best Steve voice....).
Something else for determining if the downtrend is indeed
reversing... this recent up move came off of positive MACD
divergence on the daily which also coincided with the 50% fib off
the Aug highs and which constituted a backtest of the former
resistance-turned-support dating back to May (orange horizontal
line). Then it put in a higher low which kicked off this 4-5
day rally. No guarantees, but I see that as a good base from
which to establish a trend reversal to the upside as opposed to a
short bounce. Gotta see that upper trendline taken out though
for me to get bullish.
Miners coming down today. Can
Posted by foody518 on 7th of Apr 2021 at 11:53 am
Miners coming down today. Can someone give guidance on what to look for to discern an uptrend that's rolling over versus a drop that will result in another push up? I am trying to gauge for hidden divergence on 30-60 min.
Today's pullback seems logical and
Posted by rjdst on 7th of Apr 2021 at 03:26 pm
Today's pullback seems logical and orderly. GDX, for example, has been up 4 days in a row and is finding some predictable resistance at the top of the daily Bollinger Band. Below, it has a lot of converging support on the daily - the 9, the 20 and the 50 are all coming together as support. A pullback to that level would be logical, even healthy for another move up. I wouldn't say miners have been in an uptrend; they have been in a multi-month downtrend that maybe reversing. If price clears the upper downtrend line from Aug, that would be very constructive for a bullish case (said in my best Steve voice....).
Something else for determining if the downtrend is indeed reversing... this recent up move came off of positive MACD divergence on the daily which also coincided with the 50% fib off the Aug highs and which constituted a backtest of the former resistance-turned-support dating back to May (orange horizontal line). Then it put in a higher low which kicked off this 4-5 day rally. No guarantees, but I see that as a good base from which to establish a trend reversal to the upside as opposed to a short bounce. Gotta see that upper trendline taken out though for me to get bullish.
I have some miners and am adding on pullbacks.
Thanks for the input. I
Posted by foody518 on 7th of Apr 2021 at 03:46 pm
Thanks for the input. I shouldn't have used the word uptrend - moreso meant the current 4 day push. Or for example, the previous 2.5 week push.
Well stated
Posted by steve on 7th of Apr 2021 at 03:46 pm
Well stated
I agree, good assessment
Posted by matt on 7th of Apr 2021 at 03:40 pm
I agree, good assessment
There is a gap on
Posted by pwb8 on 7th of Apr 2021 at 12:03 pm
There is a gap on GDX that extends down to 33.78. I guess that might be a logical target over time.