GDX $47.42 is indicating a SELL with price less than 5ema($48.35) and 10ema($48.35). MACD is turning down. High $55.40 on Wednesday 2nd December. Recent low was hit 14 days after High on Tuesday 22nd Dec $44.80. Next High was $51.16 (again 14 days) on Monday 11th January.
Look for a Low by Friday 29th January around $41.87 last seen on Thursday 28th October.
Failure to break recent High ($55.40) by Friday 9th April 2010 will trigger a SELL order
Major pullbacks over the last 2 years :
1st June - 13th July 2009
22% fall over 30 days from 1st June High ($45.10) to 13th July low ($34.05).
7th Nov - 20th December 2007
21% fall over 30 days from $53.84 to $42.40. Then climbed 28% in 15 days @ $54.23, before pulling back 14% in 15 days to $46.40 and finally peaking 27 days later on 14th March 2008 @ $56.67
WEEKLY
GDX has strong resistance at $56.87 (Mar08) with support at weekly 20ema ($45).
50ema ($42) should act as support on any short term breaks below 20ema. Similar weakness happened in Dec 2007, when the GDX found support at the 50ema, before bouncing back up to new Highs in Jan and Mar 2008. WEEKLY 10ema ($47.66) and 20ema ($47.05) used to indicate when to enter and exit trades.
10ema < 20ema, SELL ($48) triggered in April 2008.
GDX has strong resistance at $56.87 (Mar08) with support at weekly 20ema ($45).
50ema ($42) should act as support on any short term breaks below 20ema. Similar weakness happened in Dec 2007, when the GDX found support at the 50ema, before bouncing back up to new Highs in Jan and Mar 2008. WEEKLY 10ema ($47.66) and 20ema ($47.05) used to indicate when to enter and exit trades.
10ema < 20ema, SELL ($48) triggered in April 2008.
10ema > 20ema, BUY ($28) triggered in Jan 2009
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