JNUG trade ideas
1h SwingLong from $13.20. Could see resistance at $16.55 highs. Bitcoin downturn could take this higher.
Jnug to Gold "Time for JDST next week"Gold and Jnug are following along nicely. I do not think we are finished quite yet moving up. Maybe by Monday or Tuesday and then I see a nice drop for another 1 1/2 - 3 weeks. I think the bottom will be approximately the 1220 range for Gold. SO for Jnug....I'll guess that will equte to the low $8 range. Now what should come next is a very nice rally for a couple months. In a subscription that I get from time to time...today they released their updated charts for gold. I was pleased to see that they are also looking for a bottom in gold soon. They are saying for gold to bottom around December 22nd. BUT....then they are saying that this rally will take gold to what appears to match the top for 2016 (1380's - 1400 range) before making a daily cycle correction. That top is supposed to happen around February 22nd. SO their time frame is almost the exact same as mine ...however, I am no thinking that gold will go anywhere near that high. I am looking for gold to top at the $1305 range and then start finally continue the bear market. So I will be buying JDST next week and then turning around and buying Jnug for about 2 1/2 - 3 months. Maybe.... And then I will sell to see whose opinion is correct... Mine or theirs.
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Above is the 4 hour Jnug chart. Maybe a little bit more to the upside and then a hard drop. I am not sure if Jnug topped today or if this was just a messed up mini 4th wave running flat pattern. On the 2 hour chart it looks more like a 4th wave so I am leaning to one more move up by Tuesday.
Gold Chart
Gold Weekly Chart..... Maybe we are forming a Head and Shoulders patter.
Inching towards the road upIt appears on the 4 hour that Jnug is setting up to increase over the next few days. Hold long unless it breaks support around 12.90
Example of a uptrend channel on ETF MarketUptrend channel on JNUG, indicating bounces for possible long/short position evaluation within channel's limits. You can also evaluate short position at the breakpoint, confirming the bearish trend with the MA indicator.
Long JNUG Swing Position, Bottom ResistanceLook to long JNUG this morning at bottom resistance level and MACD Crossover on 1-hour for short term swing position.
Buy and HODL $JNUGThis gold stock has bottomed out and as gold enters a new bull run, this stock should increase exponentially.
Gold:
JNUG ready for a break outTriangle breakout is primed for a big move.
A break above the down trend line and a new bull market in precious metals will begin.
Jnug BullishEntering JNUG now and holding to around 16.5 - 17.0. Jnug has reached support trendline.
JNUG near Support ?Weekly Chart showing where support
is around 14.50 to 14.00 area
I think we are nearly there,
wouldn't be surprised to see bounce soon
JNUG: Turning Bearish. Head and Shoulder PatternPrice Target at $7 which is even below the 5-year low. The long term trend support will have to be busted to get there
JNUG Short Term BreakoutFirst day to be noticeably reversing recent downtrend. Watch for a break in 50 day MA. Short term holding due to volatility. Hold as long as you want, but I'm gonna take my 20-25% and run.
Jnug to Gold "FOMC meeting helps the DCL"Well, it has been a long very stretched out daily cycle. And it is clear now that we are dropping into the DC low. I have drawn on my chart my approximate price target for Jnug before a bounce. I think we will hit the 100 DMA. But I am using the GDXJ chart to help me a little more. Here is the GDXJ chart zoomed out a bit
And here it is zoomed in a bit.
As you can see we made a big gap today. So with that said, here are my thoughts. We may bottom from this DCL tomorrow or Wednesday. I do not think that we will get that rate hike on Wed and that should create a short lived pop in both Gold and miners. (If you are wondering what happened to Jnug when they hike rate last time, just look back at June 14th and you can see that we dropped 35% in one day). So I am expecting a pop but not 35%. As you can see from the GDXJ chart, we have the 50 DMA and the weekly 100 MA overlapping. I do not think we will bust through that level unless we were to have a surprise rate hike. So when I see GDXJ hit that level and fill that gap at $34, I will sell my JDST and buy Jnug. I am taking a chance to rebuy Jnug but I feel comfortable enough to do it especially with that gap above. I should have listened to my own advice when I said I thought we bottomed for that last DCL. I should have sold my JDST and bought Jnug. Oh well. Live and learn.
Another thing to keep in mind is that we are not making a right translated high for the year in miners. That is significant because a left translated high is bearish for the remainder of the year. That is ...unless you think that we are somehow going to have a huge unprecedented bullish move upward this late in the yearly cycle. The last missile launch from North Korea was ignored by the markets. The markets no longer fear that Kim is going to blow anything up. Trump is mostly ignoring him and is even mocking Kim by calling him "rocket man". And so gold dropped more. This is a very difficult gold market to say the least. We are essentially sideways which is the worst type of market to try to time the dips and peaks...as we just found out this last cycle. So I can only do the best I can for the time being until something either more bullish or bearish trends. This cycle is stretched so I adjusted my cycles below to match this DCL. Assuming this holds for the remainder of the year, I drew my arrows as I see it at this point, with the yearly cycle low due in late December to early February. I also forgot to mention that we have a bullish divergence on the RSI 14. SO a pop is in order.
Lastly, if there is no rate hike on Wed, then everyone is going to feel certain that there will be a hike in December. And just like before, gold will fall until that meeting. That and the pressure of the yearly cycle low being due. These two forces combined are just too powerful.
If you have any other ideas, feel free to post them as I do not claim to have all the answers.
JNUG-Breakout after a long period of sideway consolidation.Cup and Handle Price Target of $29. Next major resistance at around $30 too.
