Bearish Signal for the Miners

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The Miners delivered a bearish signal on Thursday.

gdx

The Miners printed an exhaustion candle on Wednesday. Then followed up on Thursday by printing a bearish reversal. (Note how the previous daily cycle peaked on day 12) Thursday has eased the parameters for forming a daily swing high. A break below 30.968 will form a daily swing high then a break of the daily cycle trend line will confirm the daily cycle decline. Still the Miners are in a daily uptrend. They will remain so unless they close below the lower daily cycle band. oil

On the other hand, oil continues to develop bullishly.

oil

After closing above the 10 day MA on Monday, oil stalled on Tuesday. Oil back tested the 10 day MA on Wednesday and then had a big day on Thursday. Thursday was day 6 for the daily oil cycle and oil closed above the lower daily cycle band providing more confirmation of the new daily cycle. Oil still needs to close above the declining trend line to provide final confirmation of the new daily cycle.

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One thought on “Bearish Signal for the Miners

  1. Pingback: Miner Swing High | Cycle Trading

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