I will not sell JNUG positions until top BB is pierced on GDXJ. The top BB is increasing in slop and bottom BB is curling up as well. There is some resistance overhead with MAs, but can easily be broken and then no resistance beside previous consolidation levels and tops.
Invalidate with consecutive daily closes ...
Overnight, we had descending wedge on 15 min. There were 3 key buy signals:
1. wedge broke with closing price above trendline
2. RSI divergence confirmation (price 3 lower lows, rsi 3 higher lows and a higher high as confirmation circled)
3. stoch cross and bounce from oversold - circled
Invalidate this call ...
UJ continues to consolidate. Eventually will break 115 and target is 113.5-114
Invalidate if daily close above sma9
Gold is highly correlated to UJ right now, so gold should move higher as UJ heads south.
I expect a move back to top of triangle. 1hr and 4hr stochastics and rsi support a move higher. With a break of 1277.264, the bounce high after the major drop from 1308, we should be clear to 1292 in short order.
Invalidate and go short if trendline of triangle is broken and confirmed with consecutive hourly ...
Cup and handle formation on daily bars. Neckline is at 1275. On a breakout above this level, target is same distance as bottom of cup to top right of cup, so $18. That would give us a target of 1293.
Invalidate if handle retraces more than 2/3 of cup depth, so below 1256.
Large pennant formation over last few days. Cup and handle forming inside of ascending triangle. If can get above 41.80, should move towards yesterday resistance around 42.15, then break out to 43
invalidate if break traingle on 1hr close.
We have yet another ascending triangle. We closed near the highs for the day. We have gapped up 2 days in a row. Gaps tend to come in 2s or 3s, so could very easily have another tomorrow. I'm looking for an extension of this pennant/triangle to 15.
TP2: 16.23 (close gap from 10/3/16
Invalidate this ...
Bull flag, 1280 extension is target if break above 1272, and there was a 1274 extension on an ascending triangle overnight, so I think we get there.
invalidate if break below 1265
should bounce off lower BB on 15min and head back to top BB