GDX 15.60 – bullish – Falling wedge breakout points higher
GDX rallied strongly following the falling wedge breakout last week (October 2, 2015) to approach the 16.16 August high (August 21, 2015), near 38.2% of the 21.25/12.62 downswing. Further gains would open 16.94 (July 14, 2015 high) near 50% of the 21.25/12.62 downswing ahead of 18.03 (July 6, 2015 high) near 61.8% of the 21.25/12.62 downswing and the 200 day moving average currently at 17.94. 14.58 (October 5, 2015 low) provides immediate support on dips. Below rests the wedge breakout point at 13.88 (October 2, 2015 low).
Outlook:
Daily: bullish
Weekly: neutral
GDX rallied strongly following the falling wedge breakout last week (October 2, 2015) to approach the 16.16 August high (August 21, 2015), near 38.2% of the 21.25/12.62 downswing. Further gains would open 16.94 (July 14, 2015 high) near 50% of the 21.25/12.62 downswing ahead of 18.03 (July 6, 2015 high) near 61.8% of the 21.25/12.62 downswing and the 200 day moving average currently at 17.94. 14.58 (October 5, 2015 low) provides immediate support on dips. Below rests the wedge breakout point at 13.88 (October 2, 2015 low).
Outlook:
Daily: bullish
Weekly: neutral