GDX- Cup & Handle BREAKOUT BUY!
Attached: GDX Daily Chart as of 7th April 2023
Price has given a Classic Cup & Handle Breakout Buy Signal on the Charts
What do Technical Indicators say on the Daily Chart?
- RSI is in overbought zone ( > 70) and confirming a Bullish Regime✅
- MACD is trending up and in buy mode, confirming Momentum✅
- DMI is in buy mode and ADX is above 25, confirming a Strong Up Trend✅
Going by Pure Price Action too and especially if you go on the Weekly Chart, you can see last Week put in a Clear Bull Power Candle which is our Breakout Candle
The Green Trend Line serves as the Neckline for the Cup & Handle Pattern
Trade Plan as follows:
Current Market Price= 34.43
Upside Target🎯= 40 to 42 zone
Stop Loss⚠️ can be < 32
This is our Swing/ Positional Trade Call
...............................................
Note:
Not only is GDX Bullish for the IMMEDIATE Short Term (Daily Time Frame as I have put out in this Idea), but it is also Bullish on the Higher Time Frames like the Monthly and the Weekly as well, so there is a Multi Time Frame Alignment too✅
Lastly, Refer to my Related Ideas to see my GDX Analysis on the Monthly Time Frame to get my Long Term View for an INVESTMENT CALL👍
Price has given a Classic Cup & Handle Breakout Buy Signal on the Charts
What do Technical Indicators say on the Daily Chart?
- RSI is in overbought zone ( > 70) and confirming a Bullish Regime✅
- MACD is trending up and in buy mode, confirming Momentum✅
- DMI is in buy mode and ADX is above 25, confirming a Strong Up Trend✅
Going by Pure Price Action too and especially if you go on the Weekly Chart, you can see last Week put in a Clear Bull Power Candle which is our Breakout Candle
The Green Trend Line serves as the Neckline for the Cup & Handle Pattern
Trade Plan as follows:
Current Market Price= 34.43
Upside Target🎯= 40 to 42 zone
Stop Loss⚠️ can be < 32
This is our Swing/ Positional Trade Call
...............................................
Note:
Not only is GDX Bullish for the IMMEDIATE Short Term (Daily Time Frame as I have put out in this Idea), but it is also Bullish on the Higher Time Frames like the Monthly and the Weekly as well, so there is a Multi Time Frame Alignment too✅
Lastly, Refer to my Related Ideas to see my GDX Analysis on the Monthly Time Frame to get my Long Term View for an INVESTMENT CALL👍
Siddharth Bhansali
✔️Twitter Handle @T_Harth
✔️Twitter Handle @T_Harth
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.