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
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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👍
