GDX weakness and bullish failure
Previous analysis appeared bullish, but the price movements in the last two weeks since failed.
The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness.
A clear failure for the GDX ETF to break above the weekly 55EMA.
The daily chart shows how the weekly gap down developed, starting with a gap down that broke down of the gap range. This range was tested and failed for more downside in the following week. finding support at 29.
The technical indicators are bearish indicative, and downside target is currently 27.60.
Bearish breakdown in the works!
The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness.
A clear failure for the GDX ETF to break above the weekly 55EMA.
The daily chart shows how the weekly gap down developed, starting with a gap down that broke down of the gap range. This range was tested and failed for more downside in the following week. finding support at 29.
The technical indicators are bearish indicative, and downside target is currently 27.60.
Bearish breakdown in the works!
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