AI
Friday, July 21, 2017 4:47:07 PM
I am not convinced in this move up in GDX. Black candles everywhere. Super light volume. Negative divergence EVERYWHERE on daily chart. Combine that with rising bearish wedge on hourly (which will either negate or confirm on Monday) and daily price being right around 50/200 SMA's...it's just tough to see this going higher without some type of pullback IMO. Let's just say it has to defy the odds to breakout in earnest here.
Only positive is that it is trading above and outside the prior LT wedge we had discussed. Also, weekly does look decent, but it also is at major resistance at 40 EMA. We'll see.
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