GDX Fake Out burns bad
In the last post on GDX, it was mentioned:
"Oops... Gapped down later last week.
Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line)."
For most of the week, I looked like a fool... as GDX closed the gap, tested a minor support and then spiked a long candle above the daily 55EMA.
I have to be honest, I did relook and asked myself IF I missed something, misread or was biased.
And then comes Monday, and by midday of trading, the previous gap down is reopened. Together with re-entry of the consolidation zone (as expected), and a repeated failure of the daily 55EMA, this story now signals an exit on the other side of the consolidation zone.
Candlesticks (weekly and daily) all appear bearish, and not even needing to mention the technical indicators.
Notwithstanding, I am looking for a slight higher low from the 15 Dec low, in the Buy Zone marked, over the current week.
Have to keep reminding myself to be patient. When it happens, it will be very obvious.
Meanwhile, I am hanging on to my knickers! LMAO...
"Oops... Gapped down later last week.
Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line)."
For most of the week, I looked like a fool... as GDX closed the gap, tested a minor support and then spiked a long candle above the daily 55EMA.
I have to be honest, I did relook and asked myself IF I missed something, misread or was biased.
And then comes Monday, and by midday of trading, the previous gap down is reopened. Together with re-entry of the consolidation zone (as expected), and a repeated failure of the daily 55EMA, this story now signals an exit on the other side of the consolidation zone.
Candlesticks (weekly and daily) all appear bearish, and not even needing to mention the technical indicators.
Notwithstanding, I am looking for a slight higher low from the 15 Dec low, in the Buy Zone marked, over the current week.
Have to keep reminding myself to be patient. When it happens, it will be very obvious.
Meanwhile, I am hanging on to my knickers! LMAO...
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.