IDRA Pharma with a deeply oversold RSI and a tag of the lower trend line, IDRA looks like a buy.
Sometimes you can learn more from an inverse fund, than looking at the underlying stock. Looks to me that Oil is bottoming here. DWTI looks to be at a near perfect double top. RSI is overbought and volume is drying up. Maybe getting close to a long position in OIL using UWTI. Long OIL.........
I tend to look at patterns in a stock, to look for clues for when a repeat is happening. I look at GDX and I see similar, although not as dramatic patterns. Take the candles from the RED box and overlay them where we are now, this would be the GOLD candles. Now look at the smaller blue boxes, I think we are in a similar place and pattern as the previous BLUE box....
With the double bottom in Oil failing it appears that we will retest the previous lows at $38. Reason for the failure of the road map may be the widespread belief that the FED will raise rates in December and the commodity market currently building this in to the price. IF the FED doesn't raise in December we may see a huge gain in commodities. But for now, SHORT!
Gold Miners ETF GDX getting set for a run higher. After 14 days of a 1/2 cycle its in the timing band to run higher. Note the previous 1/2 cycles don't exceed 14 days. The RSI is very oversold, at levels where the direction turned. I've noticed with these ETFs there is a run up for a few days then a retest (the red dotted arch. Then we should be off to a 78.6%...
This looks very close to a turning point for GDX. I will wait for a retest at the red circle (on the right) before going long. I am basing this on the completion of the H&S pattern in green the completion point is in the red circle on the left. I think the overall trend is still down, and this will be short lived. Maybe five up days.