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Metals Members bought GDX on July 1, highlighted in the chart above. This was the first time members had attempted to buy the miners in months and months. Members took profits at the falling resistance line using a tight stop on July the 24th, highlighted above.
GDX has broken support, right after hitting this falling resistance line, as miners have been rather week of late! Was this nothing more than a dead cat bounce in a bear market for mining stocks? Too soon to tell, not pretty patterns or action of late for sure!
All I know at this time is this…members sold at resistance and have no exposure at this time.