2 Attachment(s)
All Clear For GDX? – February 23, 2012
After Wednesday’s strength, the balance of power has shifted to the advantage of floor support clusters. The last important floor level to conquer in this upleg is the 200-day moving average (57.03) before envisioning a long-lasting uptrend for GDX. The GDX MF was once again strong, exceeding the OB level around 1.35%, and the robot is now in a new protected mode. The long position would be exited on the next open if the GDX MF closes back below the adapted OB level. Since ATR jumped to 3.30%, a short signal would likely be issued simultaneously. The rise in volatility also prevented the robot from raising its worst-case trailing stop (52.35).
Billy
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