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The chart above compares GDXJ (Junior Mining stocks to Senior Mining Stocks).
The ratio has been in a down trend for the past 5-years and it is making an attempt to break this trend.
A breakout above dual resistance at (1), would suggest the Risk On trade for miners should continue.
With the trend being down, the risk on trade does NOT want to see this ratio start turning weak and break support at (2).
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