joefridaygdxbreakingsupportloftymomentum may 27


The rally in mining stocks since the first of the year has been very impressive.

The rally has taken Gold Miners ETF GDX up to test the 23% retracement of the collapse over the past 5-years. At the same time it is hitting the 23% level, two other resistance lines are being put to a test, with momentum at the highest levels in the past 5-years.

Joe Friday Just The Facts– With weekly momentum hitting the second highest level in the “history” of GDX, a break of support at (1), could attract a good deal of selling.


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