JNUG potential breakout of channelAMEX:JNUG
JNUG consolidation in upper channel about to head to $200. If JNUG can break out of channel, TP 1 is $220 and TP 2 is $302
JNUG trade ideas
DOUBLE BOTTOMZ UPNice double bottom forming on gold mining stocks . Price target indicated by this bullish reversal pattern is a nice merger with the daily up-trend line and fib level indicated in chart.
Best option for profitable trade is to buy on decisive volume breach of pattern neckline with stop loss as indicated. For less risky entry point, wait for confirmation with small pull back and a bounce off the neckline.
Good Luck. Technical pattern information included below
Double Top or Bottom
The double top is one of the most popular patterns in trading. It's a reliable reversal pattern that can be used to enter a bearish position after a bullish trend. It consists of 2 tops at nearly the same level with a valley in between, which creates the neckline. The second top does not break the level of the first top, so the price retested this level and tried to make a higher high, but failed. Price breaking the neckline and closing below it would complete the pattern.
Conservative traders look for additional confirmation and aggressive traders may enter a bearish position from the second top. The target can be estimated by measuring the height of the pattern and projecting this downwards from the neckline. Common stop levels are just above the neckline, halfway between the neckline and the tops or above the tops. The double bottom is the bullish version of this pattern that can form after a downtrend. A popular variation of this setup is the 2618 trade (as taught by Jason Stapleton) with specific rules for the pattern configuration including where to enter and to exit the trade. - SOURCE: TRADINGVIEW
Time to Take Off My Shorts. An Inverse Head and Shoulders Pattern has developed on the Junior Gold Miners Bull Etfs JNUG. Pattern is predicting a new bullish price target of $110 correspinding with the MAY 20 TOP and the 1.272 fibonacci retracement level. Planing on adding to our bullish position after a breakout of this pattern's neckline. A tight stop loss just below the right shoulder is appropriate.
OANDA:XAUUSD AMEX:GDX GDXJ AMEX:NUGT AMEX:JNUG
32.94So if you look at the History of JNUG it is fairly constant at 18-30 dollar range if you equate for the splittings. So at these 3 dollar ranges I think JNUG would be a great buy but... in these markets its hard to say. Also just moving from a x3 leveraged to x2 could split again. However I would have to believe gold miners are getting excited per once/the price of oil per cost. Now that everything has tanked gold is looked at as a safe haven and things being cyclical well... I think miners are due. Larger miners will be looking to lock down some nice sized prospects to fund future projects. JNUG has not seen a large SPIKE north in a while even with all the momentum in gold and I think we might be in for a good ride. Keeping gun powder on the side and looking for a solid entry.
JNUG
Index Top Ten Holdings %:
Sibanye Gold 5.58%
Pan American 5.40%
Kinross Gold 5.36%
Northern Star Resources 4.91%
Gold Fields 4.53%
Yamana Gold 4.08%
Evolution Mining 4.05%
Detour Gold Comp 3.49%
De Minas Buenaventura 3.34%
B2Gold 3.31%
Index Country Weightings %:
Canada 51.57%
Australia 20.36%
South Africa 12.20%
U.S. 5.20%
Peru 3.34%
Jersey 2.19%
U.K. 1.96%
Mexico 1.60%
China 0.89%
Turkey 0.70%
Maybe one more tight split the moon.
A clear sign of a Falling Wedge! Gold is on trackIf gold really wanted to dip to 1,600$ it would of been sooner because of Thursday’s reopening and positive drug news. But 1 thing we need to know is that numbers don’t lie! Unemployment is a major booster to gold and a falling economy. The market is being pumped by top 1% and federal reserve as more money is being printed and loans are being throw everywhere like beads in a parade. We can clearly see a falling wedge being made here in JNUG and will surely surprise bears when the reversal happens towards the end of next week maybe Monday 27th. This was obviously a sell of for gold and miners, but long run speaking profits should be looking good. If you have any contracts that expire soon your pretty much on a high danger zone as the reversal won’t be happening in a day or two. A month long call up to a 3 month call should make nasty money if bought between today and next Tuesday as they should be at cheap cheap prices. Also, if you see the moving average or
Williams alligator indicated you will know that long-term Speaking as in 2 to 4 months gold should be 1,900$ pretty soon before August
Looking to Short - Technical Analysis of JNUG - Gold MiningIt looks like the tons of volume that entered the market on JNUG last week is the only thing keeping the price afloat. Overall the stock is bearish, dropping from over $100 to single digits.
Short-term, it's getting ready to test the resistance (shown by the horizontal green line. We can see a bullish trend over the last few days, steadily making higher lows. I'm expecting it to continue the downward trend because it's getting close to testing it's previous top, but those who are taking a more optimistic position should at least wait until it closes above the resistance before taking a long position.
Holding my short positions unless the resistance is broken
JNUG LONGWorking with a Bearish Alternative Bat Harmonic Pattern:
The key area to hold here is $3.77 and above although it can close with a wick below there as long as the candlebody doesn't close below the 88.6% retracement of AB.
Huge R:R, targets aren't listed on the chart, but ideally I'd buy anything under $4 and set a stop loss at $3.50 or so, if this area holds my first target will be around $7 and from there they will be above $10.
If you want any further explanations or have any questions, feel free to drop a comment!
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Jnug is super volatile!!Jnug is a gold ETF that is super volatile and as you can see the price action has been absolutely wild!! These support and resistances that I have set really help to predict this price action. Jnug is much more riskier than my other ideas but also offers a greater reward in my opinion. I still believe that this is a good buy but proceed with caution.
