GDX Weekly
Price between EMA 21 and EMA 55
Testing EMA 55 resistance @ 28,11$
Resistance zone : 28$(EMA55)-30,45$
Possible pathways:
a) GDX breaks EMA55 and tests Resistance @30,45$ (Neckline) then corrects
b)GDX Rejects EMA55 and corrects
Correction Targets: Between fibo 61,8%-76,4% i.e GDX @22,5 $-24,5 $
In that case there will be an Inverted Head & Shoulders pattern (IHS) with the right shoulder at ~22,5-24,5 $ projecting @ 40 $ (30% upside potential)
So , possible Buy zone @ 22,5-24,5 $
with Target @ 35-40 $
Stop Loss @ 19,80 $
Price between EMA 21 and EMA 55
Testing EMA 55 resistance @ 28,11$
Resistance zone : 28$(EMA55)-30,45$
Possible pathways:
a) GDX breaks EMA55 and tests Resistance @30,45$ (Neckline) then corrects
b)GDX Rejects EMA55 and corrects
Correction Targets: Between fibo 61,8%-76,4% i.e GDX @22,5 $-24,5 $
In that case there will be an Inverted Head & Shoulders pattern (IHS) with the right shoulder at ~22,5-24,5 $ projecting @ 40 $ (30% upside potential)
So , possible Buy zone @ 22,5-24,5 $
with Target @ 35-40 $
Stop Loss @ 19,80 $
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