Bearish Miners Part 2
This idea works off of bearish gold. Gold had a nice bull run, but it looked like a strong correction. If you look at the gold chart you can draw a reversed "J" in the price action. That should be a continuation pattern of the prior bear trend. All this should take miners bearish. To me, I feel this move down will be deeper than the 1st bearish move. I've seen most gold targets lately near 1150ish per oz.
Stop near $28.50 as this should be a strong move not falling back on it's self. Gold moving bullish breaks this idea.
Stop near $28.50 as this should be a strong move not falling back on it's self. Gold moving bullish breaks this idea.
Trade active
Key is to have this price hanging at least over $30 then price moving above $31. This all should happen in the same day. That would give support to the idea that a fresh uptrend may hold. In all this, I would expect bear gold, the markets to rally hard and oil to go even in price to bull in price.Trade active
It was a bear day for DUST. When I look at the JDST chart it looks much better than the DUST chart. You have to watch stock market tricks that don't represent fair price action. This entire idea works off of a reverse "J" pattern in gold. See how this unfolds.......
Trade closed: stop reached
Pre-market low and risky here. Gold has the edge for now. I could see why someone would buy or stay in here, but that's up to the individual's risk.Side note markets did make a bearish kicker last week. As always got to watch closely.
Trade closed: target reached
DUST is at the same point of breaking out for the 3rd time. The problem with bear miners is that this doesn't have momentum yet. Price needs to get to $31.Trade closed: stop reached
I'm happy I stayed out of the miners. It would have drove me nuts. Dust hit the $31, but retreated immediately to bearish territory. Risky here without momentum in a trend. JDST now looks more bear than bull.Wild day in the miners.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.