Hopefully history repeats itself.
NUGT and JNUG in stochastic "oversold". The last few times the long stochastic red line was in oversold territory (< 20.0) there was a day or two in the same area, then price moves back up. The last time this didn't work was in summer of last year, so usual 10% stop loss applies here. Don't want to catch a falling knife.
Long on $JNUG for the 5th contact point and breakout above 10$
I don't anticipate this thing riding along the bottom line, so a mental stop has been set at $8.50 but this think likes to make some pretty big intra day percentage swings, so a daily or 4hr candle close below would be more convincing of break in trend.
PT 1 - $10
PT 2 - $11.55
PT 3 - $13.15
Open position at $8.35
Stop loss at $8
Take profit at $9.8
If you want to test my strategy out,
try to paper trade this, get the mobile paper trading app call webull, see link below.( it's like robinhood with free trading but they have paper trading feature on the app.)
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Gold and JNUG head and shoulders nearing the end of the formation. Downside appears limited around 8.20 but buying at 8.55 expecting a break out. Gold making me a bit nervous as it has confirmation of broken uptrend. Gold still appears to be forming larger cup and handle pattern.
market panic fear, gold up.
market fearless, gold down.
Looking to see some movement in the morning to drive these reactions.
Long 2000 shares @ $10.83
Take Profit $11.20
With Fed reserve saying "no more rate hikes this year", and wages increasing, unemployment dropping, what does this lead to? Inflation.
Going long JNUG here (small caps seem to be performing better as of late over large caps). Also note the MACD crossover over the 0-line, and fast line moving over the slow line.
Let's see what happens over the next week or two.
PRZ lines up with resistance and long term TLs... I don't expect it to just blast straight through this area so expect some kind of reversal either at the .886 or 1.13. Latter is more bullish. Either way I'm closing my longs here and initiating short positions soon.
Quick swing trade, long term I'm bullish gold and miners...