here's a 60 min GDX chart, First resistance is 47.4, however a
good target would at least be the 38% Fib.
The 60 period stochastics has been below 20% for a long time
now, therefore it's due for a good bounce; when 60 period
stohcastics is below 20 or above 80 for a long time, generally you
get a decent move, more than one day. I agree, that after a
decent bounce, the daily chart still needs work so then would
probably consolidate, but for now it had a decent 60 min chart to
get a trade from.
Or...use the
uptrend line on the
GDX/GLD as your sell signal
here's a 60 min GDX
GDX
Posted by matt on 23rd of Dec 2009 at 10:41 am
here's a 60 min GDX chart, First resistance is 47.4, however a good target would at least be the 38% Fib.
The 60 period stochastics has been below 20% for a long time now, therefore it's due for a good bounce; when 60 period stohcastics is below 20 or above 80 for a long time, generally you get a decent move, more than one day. I agree, that after a decent bounce, the daily chart still needs work so then would probably consolidate, but for now it had a decent 60 min chart to get a trade from.
Or...use the uptrend line on the GDX/GLD as your sell signal
Thanks Matt..what do you think of the chance of a revisit to the lower trendline around 200 dayma
Posted by hurricanemalta on 23rd of Dec 2009 at 10:44 am
Almost guaranteed, Search for an
Posted by junkie on 23rd of Dec 2009 at 10:55 am
Almost guaranteed, Search for an earlier post of mine on that regard (confer with Roger Wiegand's prediction).