GDXJ at key crossroad - will 31.37 support hold?!
Updated
GDXJ closed right above 31.37 support so guessing it will test it tomorrow but it'll have to break the long uptrend from its lowest point in Dec. 2015 to get there which makes this a key point for determining if long uptrend will be broken in line with shorter term downtrend. Either it breaks down & has a long way to fall or it bounces off either the long uptrend line around 31.5 or maybe the 31.37 support & moves up in resistance ranges. If it closes below both those levels tomorrow, Monday will either be start of real bloodbath or strong rebound per my reading of the above chart...either way, we're approaching the intersecting point of the long uptrend with the downtrend from high in Dec. 2016 so looks like big move coming either way!
Anybody with experience PLEASE share thoughts on how to hedge a big individual miner/precious metal allocation (currently at loss) if this breaks down over the coming days!! Still bullish long but def. want to reduce the bleeding if this falling knife is about to pick up speed!! THANK YOU! Til then, might keep cutting losses wth some riskier miners if it breaks levels above!
Anybody with experience PLEASE share thoughts on how to hedge a big individual miner/precious metal allocation (currently at loss) if this breaks down over the coming days!! Still bullish long but def. want to reduce the bleeding if this falling knife is about to pick up speed!! THANK YOU! Til then, might keep cutting losses wth some riskier miners if it breaks levels above!
Note
i meant intersection of long uptrend from lowest point in January 2016 with long downtrend from highest point of August 2016 not December, my bad...
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