Miner Bullish Evidence

0

After being in decline since August, evidence is beginning to compile that points to a bottom being in.

1 gdx daily

The Miners delivered bullish follow through to daily swing low that formed last week. They closed above the 10 day MA and the lower daily cycle band on Tuesday, both which indicate that day 25 hosted the daily cycle low. We would still like to see a close above the previous daily cycle low of 20.07 for confirmation of the new daily cycle.

And there is more bullish evidence that appears on the weekly chart.

2 gdx weekly

The Miners are in the process of forming a weekly swing low. Week 30 was the lowest point following the week 11 peak, which placed the Miners late in their timing band for an intermediate cycle low. With more and more evidence compiling that the daily cycle low is in, it also makes it quite likely that week 30 hosted the intermediate cycle low. A break of the declining weekly trend line will confirm the new intermediate cycle.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s