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June 9, 2009 / Jeb

GDX Chart Analysis 6-9-09

GDX 6-9-09

On a previous update I mentioned not to get too excited by buying the miners when they are overextended.  Look for strength as the mining index will come back to support which was previous resistance at 37.50.  Notice the upward sloping trendline that will act as support as well.  Coincidentally it appears as the 20 day on the weekly chart is very close to this trendline.

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6 Comments

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  1. Tuni Singh / Jun 9 2009 9:37 pm

    Take a look at UNG- it has been in a downtrend all year. The last month it appears it is making a decending wedge on increasing volume-which I guess, is bullish. Your thoughts?

    • Anticipate Opportunities / Jun 9 2009 10:19 pm

      You are definitely right with the descending wedge. I would look for more price movement with that huge volume.

  2. Tuni Singh / Jun 9 2009 9:51 pm

    Take a look at GOLD. It appears very overextended. It has had 2 distribution days in the last week. You know I short stocks-seems it may pull back to 56.20. Any comments?

    • Anticipate Opportunities / Jun 9 2009 10:24 pm

      You are right 2 distribution days in the last week…however as we learned shorting stocks in uptrends and with rising moving averages is extremely dangerous.

  3. Tuni Singh / Jun 9 2009 10:09 pm

    Is it a good time to go long DBB it gapped up today on higher than normal volume. It appears that there is a couple of days of accumulation. Any comments?

    • Anticipate Opportunities / Jun 9 2009 10:25 pm

      Excellent pick…I love base metals here.

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