GDXU leveraged gold miner ETF LONG SETUPAMEX:GDXU
As illustrated on the one-hour chart GDXU has reversed a downtrend as indicated
by the EMA crossover and so on. Support and Resistance lines are shown.
Price is well below the SMA200 and thus undervalued as compared with historical data.
I see this as an upside 30 % long setup with reasonable risk. Once the trade
progresses perhaps 10-12% in price rise, the stop loss can be moved up to
break even. This can be approached with intermediate-term call options
as well. Targets and stop loss are marked out.
GDXU
GDX 2hr - Zooming in on the daily lookDialing in to the 2hr chart, GDX continues to demonstrate a bullish stature... Looking for $52 - $54 range to cap off (5) of circle 3... with extension to 1.618 toward $59 as a possiblility. Metals can often extend in very bullish markets. GDX should remain above $35 near term, with $33.50 as my line in the sand.
BTD on $GOLD $GLD $GDX $JNUG $GDXUWe got some good news on the Stim bill today but it hasn't passed FR FR yet.
The House and Senate will vote today on a roughly $900 billion pandemic relief package, with the White House saying President Donald Trump would sign it. The deal includes help for small businesses, the jobless and direct payments to most Americans. The bill that lawmakers will vote on will be attached to a $1.4 trillion measure to fund government operations through the end of the fiscal year. As part of the compromise needed to reach agreement, Democrats allowed a provision to be inserted that would prohibit the Federal Reserve from restarting a program supporting corporate bonds and small businesses due to expire Dec. 31. (no more ink/paper for Powell? )
GOLD- i talked about this a while back, I'm overall bullish on Gold/Gold miner because stimulus passed = more inflation = good for GOLD fundamentally.(yea i know, who cares)
$22.20 has been a nice buying opportunity for this company but you could use that area as stoploss as well.
Entry $22.20 area
Target $25.20
Target 2 $28.20
Stoploss 21.20