GDX observations so far - mid-July 2015
Several neutral points to make about the Market Vectors Gold Miners ETF:
(1) July's volume has such low interest so far compared to other months; however, the month is not over yet. It could very well end in a hammer or a doji.
(2) The momentum of GDX on the MACD shows a potential for double bullish divergence. We can only wait and see.
(3) The RSI shows us that historical support is at 28 (the horizontal line - GREEN), but it is currently testing support at 34 (the diagonal line - GOLDEN line).
Forward-looking thoughts and scenarios:
(a) Waiting to see if this month ends in a hammer or doji
(b) If this month ends completely down, then I will watch price fall to the $14 to $13 range.
So, just watching....keeping an open-minded view on what will happen next.
(1) July's volume has such low interest so far compared to other months; however, the month is not over yet. It could very well end in a hammer or a doji.
(2) The momentum of GDX on the MACD shows a potential for double bullish divergence. We can only wait and see.
(3) The RSI shows us that historical support is at 28 (the horizontal line - GREEN), but it is currently testing support at 34 (the diagonal line - GOLDEN line).
Forward-looking thoughts and scenarios:
(a) Waiting to see if this month ends in a hammer or doji
(b) If this month ends completely down, then I will watch price fall to the $14 to $13 range.
So, just watching....keeping an open-minded view on what will happen next.
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