Replies to post #36038 on Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Fellas, it's pretty simple. As I said yesterday and already once today...there is a TON of BIG resistance right in this area on GDX.

- Bearish wedge on hourly
- 200 SMA on 2 hour
- 200 SMA on 4 hour
- 50 SMA on daily
- 200 SMA on daily

Just to name a few.

There is no way it's going to just roll through this. At bare minimum, it's going to take several days to churn here to allow shorter MA's on these TFs to catch up. Stochs have been embedded on intraday TFs for days and need to cool off and reset IMO. Just have to hope that while they are doing all of this, they don't break and confirm the bearish wedge...or GDX is going back down to low 21's.