Miner Rejection

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The new daily cycle for the Miners looked promising. They formed a daily cycle low on support from the 50 day MA. The Miners rallied out of that 16 day DCL and managed to tag the declining trend line on Friday.

gdx

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The Miners were rejected by the declining trend line today in a clear and convincing manner. The Miners formed a swing high and now are on the verge of forming a failed daily cycle. Should the Miners lose the 50 day MA, currently at 20.61, it will likely mean a failed daily cycle will shortly follow. A break below 20.21 forms a failed daily cycle and a continuation of the intermediate cycle decline.

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