CosmicDust

GDX weekly - possible consolidating area - 7/2/2016

AMEX:GDX   VanEck Gold Miners ETF
gdx
GDX was on fire recently and apparently this kind of vertical move is not sustainable. I marked the possible consolidating area in orange (it should and healthy). Because of the strong trend the pullback may or may not happen. Any pullback or continued breakout is a buying opportunity IMO, and chance is good it will challenge the red resistance area ($38 ~ $42) sooner or later.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.