Looks like it broke the channel. Hoping for an uptrend in the near future.
This chart shows the close of business on April 21 (the day before the reverse split and the change to 2x GDX and not 3x) thru today. The consolidation formation shows two flags, one marked in yellow and the other green. If the yellow is followed we have broken out, if we use the green we are still waiting for a break. Either way we are right at FIB resistance....
Just an idea. A daily strategy for inverse ETFs. Usually trade only two pairs on the hourly chart at any given time. This is the daily. On the hourly I get, let's say trades of 12% 17% (x2 the daily increase or decrease). Fairly good entry and exit points. A little freaky on the SPY, prefer to use TECL/S (3x) or DUST/NUGT (2x). The white arrow was not a trade,...
NUGT is on the last leg of its correction rebound wave. I expect it to be able to continue bouncing with its current momentum to reach the $97 level. It has made higher lows, which will turn into higher highs.
AMEX:NUGT YES It started from 82.74$ . simply .... Keep watching until goal's done . good luck 🤞
NUGT is showing a rounding formation on its chart. With the general market showing weakness, GOLD is a play and it shows in this chart. All its moving averages are converging underneath the price as support, showing bullishness. Play until $83 where it will meet resistance.
Sure, Junior Minors are mostly shutdown and hemorrhaging right now, but the recovery potential is also much greater.
All these are for a short term long exposure. GDX has sold off significantly. Ofcourse, if you are long GDX, you are betting against the market. So, do not treat this as a position trade, But like a hedge. What do I mean. If you are long a bunch of spread in the Equity sector, You can hedge them by getting spreads on Gold and Bonds. Building an exposure here...
NUGT - Looking for break of 73.07 , Stop signal 57.23,
Gold has been consolidating right above the recent highs, since bottoming out last month, and looks prime for a breakout. I went long this morning right at the open on the gap up. Really like this pattern occurring in GOLD which could pick up some momentum near term. GDX is also a valid play for less risk. Entry - 12.10 Stop loss - 10.90 Target - 14/17.50
Time for metals to shine? Extreme volume in a very peculiar bar.... seems to me like big ol´accumulation by smart guys. Low Risk High RR Trade guys.
Long $NUGT April 17 $10 calls look really attractive here imo!
After being severely beaten down from late February to mid-March; $NUGT has formed a clean short term bottoming pattern and now appears ready to pop. I like it long over $10.40 with a $14.92 target. My suggested stop for this trade will be the low of the entry day.
0. The miners will unwind first. We have made so much shorting this in the past. 1. This looks like the time again. 2. We are long DUST, and SHORT NUGT.
Gold miners are clearly worthless now that gold is down 10% from the high. Does anyone know who planned this event?
Overhead resistance for GDX is to be found at $35.50 and $39 Assuming that GDX reaches these levels over the next 2 to 4 weeks $NUGT could reach $53.50 and $64.80 respectively. GDX will open above $31 to $31.79 resistance which puts $NUGT at $42.0 to $42.70 Daily RSI will indicate a hold long.
short term pull back only, should bounce back tomorrow or next day..