HUI continues to make good progress but until the red neckline is crossed it remains in the same positive, but unconfirmed stance with regard to a new rally leg. The red dotted neckline is part of a downtrend channel just as the green dotted neckline is part of an uptrend channel.
It is the maturing look of the weekly chart that moderates the look of the daily, with its little toppy pattern and support around 225 beckoning.
The weekly controls the intermediate trend and if/when it breaks above 250 and then the March high of 261.36 we would be in a different ballgame; one where holding, profit taking (if you are a trader) and buying pullbacks would work well. In other words it would signal an end to the bottoming grind of the last year.
Green MACD and RSI are very nice but ultimately our first signal comes with a break of the red downtrend channel. HUI is almost, but not yet there.