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chartwatchers
May 3, 2019 2:26 PM

GDXJ - A possible bottom Long

VanEck Junior Gold Miners ETFArca

Description

The situation is the same like GDX.
The junior miners broke below the 200 SMA and starting to bounce out of the false breakdown.

Same RSI divergence, MACD is close to cross over.
It's a buy with a stop below yesterday's low.

Comment

The down trendline is broken too.

Trade closed manually


Closing price: 31.02$
2,29$ profit/share
7,9% profit

Comment


Waiting for the gap to be closed.
Comments
JesseL
Heading back to yesterdays low. Too soon to call a bottom.
chartwatchers
@JesseL, Invictus gave an entry signal to me. Use it or skip it.
But it looks a bottoming candle to me:

JesseL
@chartwatchers, I am still waiting to see if GDX breaks down below 20. If it does, it may collapse big time and then it will be BTFD time.

chartwatchers
@JesseL, Miners doesn't look good, but gold clearly cannot produce the panic selling.
Every new low is bought again. I have a feeling next week short sueeze is coming and price bounces hard leaving everybody in the dust who is waiting for the big drop.
JesseL
@chartwatchers, I tend to agree that we may not see panic selling in the miners. I am selectively buying some miners right now, and keeping some cash in reserve just in case.
JesseL
@JesseL, Still not convinced just yet. Give it a few more days to see where it goes.
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