Loading ...Resistance still in control?
A disappointing day for me (minimal loss but there was a nice gain at the beginning!) , but at the end of the day resistance on the 60 minute charts for GDX and GDXJ still seems to be holding. Next week should be interesting.
We are looking at the same charts. It’s all about context. The structure is still bearish…..right leaning flags that stall out at resistance. Days like today give the bulls false hope and scare bears out of their positions.
http://schrts.co/adIl3h
I think it was entirely due to the price of gold. Gold went down –very nicely– in the morning and hit resistance at 1099; it then bounced a bit and then some more and then started climbing back up to where it started the trading day, causing the miners to strengthen accordingly. What Mark has been saying about buying support and selling resistance is the right way to go about it, I’d say. Trade from one s&r point to the next. Sell it all and don’t get back in until another buy support setup happens all over again. The rest of the plunge I think is going to be more of a rapids than a waterfall: one rock at a time. At least, that’s what it seems to be turning out to be.