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May 23, 2020, 11:42:48 AM
I went back through this thread and was amazed at how well GDXJ followed projections as seen in the charts albeit with the exception of the dive associated with the economic Wuhan virus slow down Since then the recovery has been projected fairly accurately via charts.
The long term chart is showing price to be approaching the last semblance of horizontal resistance at about $52.50 that is also associated with a large April 2013 gap that was only partially filled a few months later. Getting above $55 fills the gap and should clear the way for a run to $75, next horizontal resistance, but frankly there is not a lot of trading at that level and it was determined several years ago so it may not be too valid. Also, price is a little above two sigma level so a correction, possibly just a horizontal move, could be in the works. We are entering a slow season for PM's which supports that thought. getting below $43.61 fills a gap formed several days ago.
Short term looks positive with some near term noise. A drop to $43.61 mentioned above coincides with the BB midpoint and recent horizontal support. While MACD and TSI are still bull oriented, they are weakening slightly and at relatively high levels, also supporting a pause in the upward trek, but given all the money pumped into the economy over the past couple months I doubt any pause will be of amplitude or long lived. Since the March 16 low, the trend has been strong to the up side and within a tight channel that I do not see being violated near term suggesting the probable low for the near term is around $43.50, the bottom of the channel. I am long GDXJ with calls written for $51 expiring next Friday.
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