Don't Miss The Bullish Trend Reversal In Gold Mining ETF ($GDX)
In our October 29 ETF analysis ( http://bit.ly/16NA1SO ), we said that precious metals ETFs, such as gold and silver, may soon be in play for potential trend reversal buy setup.
Scaling Down and Roll-Over
Scaling Down at 23.92, 23.59, 23.26, 22.93, 22.60, 22.37, 22.04, 21.71, 21.38 and 21.05
Roll-Over at 24.0264 Scaling System Exhaust
Volatility Stop Bearish
Position Days Held 33
Low Range 20.90 and High Range 26.91 for the Business Bridget Gap changed
Business Gap Bridget 22.33% changed
33% of The Planned Profit on Business Gap 7.37% changed Ok
50% of The Planned Profit on Business Gap 11.17% changed Pending
High Margin Requirement 30%,...Low Exposure of Capital
Resistance Level at 25.11 Down Crossed
Self-Correction Level at 23.91 Down Crossed
Support Level at 22.70 Down Crossed
Trend Performance "Downtrend" changed
Bollinger Band Alert Trading "Buying Level" changed
Average Price Paid Must be -Above- For a Sell Short Position Up at 23.35,..Not oK !!!!
Average Price Paid 22.8533 Below (Must be)
Cash Marginable Securities $ 750,000.00 changed
Non-Marginable Securities $ 2,500,000.00 changed
Scaling Rate 0.33 Cents changed
Follow the Scaling System Up and Down Scaling Amount on each level 250,000.00 changed
Cash Flow at 54..28% changed
Don't Miss The Bullish Trend Reversal In Gold Mining ETF ($GDX)
In our October 29 ETF analysis (
http://bit.ly/16NA1SO ), we said that precious metals ETFs, such as gold and silver, may soon be in play for potential trend reversal buy setup.
November 1, 2013
Market Vectors Gold Miners ETF ($GDX) has been in pullback mode since late August, but recently broke the downtrend line of the consolidation (October 22), before stalling out at the 50-day moving average.
Yesterday, $GDX sold off sharply in the afternoon, but immediately bounced back after finding support at the 20-day exponential moving average.
Such price action produced a bullish reversal candle on the daily chart, and possibly created a higher swing low IF yesterday's low is able to hold.
Yesterday's sharp intraday selloff and "undercut" of support shook out the "weak hands," which had the effect of absorbing overhead supply. In turn, this should now make it easier for $GDX to move higher in the near-term.
As such, we are stalking this ETF for potential momentum swing trade entry going into today's session. Regular subscribers of The Wagner Daily (
http://bit.ly/T3xNVQ ) should note our exact buy trigger, stop, and target prices for this trade setup in the "Watchlist" section of today's report.
One quick note about this trade setup is that, unlike a vast majority of our buy setups, the 50-day moving average is well below the 200-day moving average (which is still in a clear downtrend).
This means $GDX is a counter-trend buy setup (this is a short-term trade with reduced share size/risk) that seeks to take advantage of a bullish trend reversal. On the ETF side, we occasionally take counter-trend trades in commodity-based ETFs.
Scaling Down November 1, 2013
Scaling Down at 25.24, 24.58 and 24.25
Volatility Stop Bearish
Position Days Held 1
Low Range 22.88 and High Range 26.91 for the Business Bridget Gap unchanged
Business Gap Bridget 14.98% unchanged
30% of The Planned Profit on Business Gap 4.49% unchanged
50% of The Planned Profit on Business Gap 7.49% unchanged
High Margin Requirement 30%,...Low Exposure of Capital
Resistance Level at 25.70 Crossed
Self-Correction Level at 24.90 Crossed
Support Level at 24.09 Crossed
Trend Performance "Neutral"
Bollinger Band Alert Trading "Neutral"
Average Price Paid Must be -Above- For a Sell Short Position Up at 24.72,..oK !!!!
Average Price Paid 24.9009
Cash Marginable Securities $ 250,000.00 unchanged
Non-Marginable Securities $ 833,333.33 unchanged
Scaling Rate 0.33 Cents changed
Follow the Scaling System Up and Down
Scaling Amount on each level 83,333.33
Opening at 25.57
Opening at 25.57
Volatility Stop Bullish
Position Days Held 0
Low Range 22.88 and High Range 26.91 for the Business Bridget Gap Up
Business Gap Bridget 14.98% Up
30% of The Planned Profit on Business Gap 4.49% Up
50% of The Planned Profit on Business Gap 7.49% Up
High Margin Requirement 30%,...Low Exposure of Capital
Resistance Level at 25.70 Up
Self-Correction Level at 24.90 Up
Support Level at 24.09 Up
Trend Performance "Neutral"
Bollinger Band Alert Trading "Neutral"
Average Price Paid Must be -Above- For a Sell Short Position Up at 24.72,..oK !!!!
Average Price Paid 25.57
Cash Marginable Securities $ 250,000.00 unchanged
Non-Marginable Securities $ 833,333.33 unchanged
Scaling Rate 0.33 Cents changed
Follow the Scaling System Up and Down
Scaling Amount on each level 83,333.33
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