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Market Vectors Junior Gold Mine Message Board

  • keybotthequant keybotthequant Feb 13, 2012 9:29 PM Flag

    GDXJ Weekly Chart Showing H&S

    The neckline ruptured at 30 and a back kiss has now occurred. The H&S target at 21 remains in play. Price is now moving between the 20 and 50 MA's. Watch which way price exits as a clue of bullishness or bearishness. The 20 MA under the 50 MA is bearish. RSI and money flow is under 50%, bearish. Watch to see if the stochastics falls back under 50%. A sideways move thru 21-30 should continue.

    If price fails thru the 20 MA, significant weakness should accelerate. The 50 MA is moving downwards to form a confluence with the neckline at the 30 level, so if price moves above 30, that would be a huge win for the GDXJ bulls. Another aspect keeping GDXJ buoyant is anticipation by traders that potential takeovers exist in this space so some premium in GDXJ price probably exists. Projection is sideways to sideways down moving forward and price should fall thru the 20 MA, eventually targeting the 24 and 21 levels in the months ahead.

    For GDXJ chart use search box above for keystone speculator.

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GDXJ
43.66-1.37(-3.04%)Jul 10 4:00 PMEDT

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