GDX Short to 24.50ish

Needs to close the gap from past run up and test new support around 24.50 then proceed to test resistance again.

Note

Temporary support at 27.48. Watch for a break or a bounce.

Note

This is going to test an old support around 27.35.

Note

Not a bad day for shorts. We'll see where this opens tomorrow and go from there.

Note

After some research, last Friday’s report showed that commercial traders were net short 277,000 contracts. That’s the second highest short position of the past 20 years.(second to the 316,000 net short position in August 2016) Things should get interesting today. GDP Numbers come out today which may also affect the market in total. Busy day, keep your eyes peeled.

Note

MACD is crossing Downward on the Daily.

Note

27.35 is a small old support from July 18.

Jsun_13

Also on:

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.

Jsun_13

Also on: