For those of you who are inclined to believe that Friday was a pivotal point in the trend for JNUG that is comparable to the turnarounds on 1/22/2016 and 12/22/2016, I believe we may have another quick run up in price over the next few weeks.
This seems to run contrary to the belief of many gold bears who think that gold will continue its current decline, but in my opinion it is the best time to buy when everyone else is selling.
The above chart shows a couple of Inside Pitchfork indicators that project consevative and aggressive targets for JNUG in the next few weeks.
In this specific chart, I've also overlaid the bars pattern (Grey Line) that corresponds to the reversal that occurred on 1/22/2016 to give you some perspective for the size of the potential reversal.
Coincidentally, the Federal Reserve raised rates one week before that last turnaround in December 2016.
Will history repeat itself?
This seems to run contrary to the belief of many gold bears who think that gold will continue its current decline, but in my opinion it is the best time to buy when everyone else is selling.
The above chart shows a couple of Inside Pitchfork indicators that project consevative and aggressive targets for JNUG in the next few weeks.
In this specific chart, I've also overlaid the bars pattern (Grey Line) that corresponds to the reversal that occurred on 1/22/2016 to give you some perspective for the size of the potential reversal.
Coincidentally, the Federal Reserve raised rates one week before that last turnaround in December 2016.
Will history repeat itself?
Comment:
FYI: JNUG had a record volume of 121,075,850 shares traded on Friday March 3rd. Most of that occurred after Yellen spoke.
