GDX DAILY CHART -- MINERS BREAKOUT, CASH WONT BE KING FOR LONG With all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
I was expecting it to retrace down to the 17 area to "fill the gap"
Instead it created a bull flag / pennant , and then in 3 days , broke out of our channel and above price action
All very bullish signs, even with the 50 and 200 ma quite far behind
Tomorrow (April 12th) I will be looking for a retracement of 22.16, which if it can hold, is where I buy more miners
- If it doesn't retrace at all I will simply buy in before the day ends, as I'm a firm believer in price action
Feel free to comment with questions or ideas :)
Happy Trading!
