NUGT and the mining sector GDX, could be a buy here. The sector first started moving higher last week, now a pullback to support at the SMA. Also looks like a copy of the previous run higher (see the gold candles). Im buying some here, I will sell if tomorrow is a down day. NUGT is 3X so you have to protect your cash.
NUGT seems forming a falling wedge & at this moment reversing from the bottom of the Wedge formation. Ideal scenario would waiting for a break out of the wedge however we would consider a speculative long here at this area. Possible options play and am looking at $30 September Calls on NUGT 3.55 , $40 December calls $3.60 * Trade Criteria * Date First Found- ...
I hope some of you made some money on this name. I mentioned for a few days if it stays under triangle, a short bias will work. I day traded it with the short side in mind today. I am not holding any overnight but I will look to short any ramp ups on Monday as long as there is no significant gap down. Have a great weekend!
Basic idea that gold may go bullish soon. Nugt hit the 50 SMA daily today and bounced negative. Still, I think gold should go bullish shortly and nugt should go towards the 200 sma daily. They're blaming a fat finger trade on gold decreasing in price. I guess they ran out of other things to blame it on. Comical!