Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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NUGT just broke out of resistance and went parabolic to the upside, making it overextended. It is overextended in the Bollinger band and the stochastics on the daily as well as the weekly timeframes. It also ran into its 200 sma at the $36 level on the weekly chart. I'm expecting a cool down with a 2-3 day pullback. This should only be a 2-3 day hold to catch pullback profit, beyond that it can rally again to the upside.