Rocketman

GDX observations so far - mid-July 2015

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
29 1 0
Several neutral points to make about the Market Vectors Gold             Miners ETF:
(1) July's volume has such low interest so far compared to other months; however, the month is not over yet. It could very well end in a hammer or a doji.

(2) The momentum of GDX             on the MACD shows a potential for double bullish divergence. We can only wait and see.

(3) The RSI shows us that historical support is at 28 (the horizontal line - GREEN), but it is currently testing support at 34 (the diagonal line - GOLDEN line).

Forward-looking thoughts and scenarios:
(a) Waiting to see if this month ends in a hammer or doji
(b) If this month ends completely down, then I will watch price fall to the $14 to $13 range.

So, just watching....keeping an open-minded view on what will happen next.
Would like to see more volume in the last candle at these or higher prices in the July candle; or else, one will wonder why such relative big reward with so little effort? Then, this will mean GDX is panic selling, which signals that the next candle (next month) will be the demise of the DUST rally; and DUST shall return to DUST from whence it came.
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