Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Not a fan of the daily candle on the GDX chart after today...or how quickly and swiftly GDX was rejected at resistance. BUT, I'm personally calling BS on the trading today. It seemed very calculated and unnatural. What I mean by that, is if you compare the two charts below (Gold 30 minute and GDX 30 minute)...both went to oversold area at exactly the same time period (10:30 am EST, represented by arrows)...and were held well under that range all day. That is not how "normal" trading would work as there would be movements up and down as seen in the prior days trading.





The more important aspect is the weekly on both...as the patterns held and "appear" to be forming a reversal...





I guess we'll find out next week. GL all and Happy New Year. Be safe!