novvoll12

GDX - neutral - Bounces towards 5-month falling wedge resistance

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
gdx
12 0 0
gdx
GDX             peaked at 66.98 (September 9, 2011). Since then it has been in a strong downtrend and reached a new multi-year low at 13.01 (August 5, 2015). The current bounce has to break through the 15.53 area decisively to signal a breakout of a 5-month falling wedge (from May 14 high/March 11 low, 2015) and relieve the oversold conditions towards 16.45/17.12 (resistance zone) initially. Only a break above there would extend strength towards the key resistance cluster including 18.52 (June 22, 2015 high), 200 day moving average currently at 18.85 and then the 12-month falling wedge upper bounds (from August 2014 high, marked in purple). 14.55/13.94 serves as immediate supports. Below would focus the 13.01 low again.
Outlook:
Short term: neutral
Long term: bearish
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