GDX update 4/29/2015: did it bottom, or one more lower low!?

GDX has been able to break above the first S/R line of low $20s, and now faces the next S/R line at low $22s. Can it overcome this? If it can then odds are in favor of the purple “LOW?” and price will go much higher longer term (months+). However, if price fails to pass that S/R zone and fails to get above the prior “b minor” high, then odds are in favor tof the “OR minute a?” label and the upcoming price high will then only be a minute b, with a minute c to new lows to follow. Per the weekly SAR, price only needs to add 96c to confirm an uptrend. However, the price action of the March low doesn’t look very impulsive IMHO since it is rather overlapping.

click chart to enlarge

GDX update 04292015



The weekly chart does look semi-bullish so to say, with the MACD, RSI, FSTO and A.I. pointing up, but price is still within range-bound bollinger bands that are not expanding, and not surporting higher prices (yet). Once the BBs start expanding with the TIs pointing up, and price hugging the upper BB and to see price above the 50w and pivot level it’s time to put on bull hat, for now caution is still advised.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s