Best of StockTwits Charts: Beaten Down Gold Miners Are Turning Higher

StockTwits
August 17, 2013

The StockTwits Charts Stream gets filled daily with thousands of stock charts created by the largest real-time trading community in the world. Below are a few notable ones for your perusal:

1. The S&P 500 Trend (SPY) - Jeremy Wagner, Head of DailyFX Education, posted this chart of the S&P 500 showing the support trend line from the November 2012 bottom.

The market sold off 2% this week and Jeremy notes major support 3% lower around 1620. Assuming we near this support level, traders might find a rational entry with a well defined stop loss on a break of the trend.

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(See Jeremy Wagner’s original StockTwits post here.)

2. Market Vectors Gold Miners ETF (GDX) – The Gold Miners ETF surged nearly 14% this week as metals rallied bringing it to a critical spot on the one year daily chart that deserves attention.

@lcc007 posted the chart below to StockTwits showing GDX running into the confluence of 2 resistance lines. First, the 4 month horizontal resistance drawn from the May highs and second the 10 month descending resistance drawn from the October highs.

The GDX chart already shows a higher low and a higher high and a rally above 31 clearing both resistance lines will confirm  the trend change to higher.

GDX81613
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GDX81613

(See @lcc007’s original StockTwits post here.)

3. Cisco Systems Cracks First Support (CSCO) -  Serge Berger, Head Trader at Blue Oak Advisors, posted this last chart showing Cisco’s gap down after the company announced disappointing earnings Thursday Afternoon. Serge points out that the stock may continue into the low $20′s and that $22.50 provides the next support area.

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csco81613

(See Serge Berger’s original StockTwits post here.)

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