The Miners plunged over 16% last week. And they started off Monday with more selling. But that soon reversed.
Monday was day 24 for the daily Miner cycle. 24 days places the Miners right in their timing band to print a daily cycle low. Monday’s bullish reversal eased the parameters for forming a daily cycle low. A break above 21.76 will form a swing low to signal a new daily cycle.
NATGAS also appears to have formed a minor low.
NATGAS printed is lowest point on Wednesday, day 27, which placed NATGAS is in its timing band for a DCL. NATGAS closed above the day 27 low on Monday to form a daily swing low. NATGAS also closed above the 10 day MA to signal a new daily cycle.