21
Apr
My indicators are pointing to short term weakness in this ETF. A break in the 200 ma last week while this moving average is declining is very bearish. When you add in the price/volume action here, I think you have good risk/reward to the downside. You can play this via GDX, or individual miner stocks like RGLD, GOLD, or NEM.
April 21st, 2009 at 6:21 am
Just for fun, I will take the opposite side of the GDX trade. Chart looks bullish to me?
April 21st, 2009 at 6:52 am
That's the beauty (or not) of the markets that two technicians can look at a chart and see the same thing. Best of luck to us both as it's quite possible we both can be right if our timeframes are short or long enough….lol. Best of luck.
April 21st, 2009 at 8:52 am
yeah. I am looking more long-term by the minute and your call is looking like the right one!
best.