Working with a Bearish Alternative Bat Harmonic Pattern:
The key area to hold here is $3.77 and above although it can close with a wick below there as long as the candlebody doesn't close below the 88.6% retracement of AB.
Huge R:R, targets aren't listed on the chart, but ideally I'd buy anything under $4 and set a stop loss at $3.50 or so, if this area holds my...
JNUG is the levered junior gold miners ETF. This has been torched from $100 to under $5 in a matter of weeks because these are heavily indebted companies that can no longer mine for gold because of virus concerns even as the price of gold surgest to test multi-year highs. But even a brief reprieve could produce big gains if well-timed.
I posted quite a lengthy idea recently regarding my thoughts on Gold and where I believe Gold is going; to avoid repetition, I will attach the idea below for those that are interested in background analysis.
As for JNUG, I believe within the next 10-14 trading days we may see JNUG explode to roughly $140 with only very small to small pullbacks. Towards this level...
JNUG recently dropped from $100, and it made a run at $13, only to get pushed down to $4. It is extremely volatile and could move 50% any day. It is also oversold so you can pick it up for very cheap.
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JNUG has had a crazy decline in its ETF due to the fall of GOLD. It has blown past oversold signals and now has capitulated, where the sellers have all gotten out and now there are only buyers left. Today had 20x relative volume of selling. This signals to me a bottom in Gold for the time being. The risk is 5:1 with no real downside, as GOLD will not go to...
I honestly don't know what's going on here.
Gold was down less than 1% today and yet JNUG is down nearly 20%.
Honestly I think this is a great buying opportunity as far as gold goes and the gold miners.