HUI continues to make good improvement by its daily chart, which means that the already constructive weekly chart is gaining the upper hand.
Here is the current status of the daily as it rises above the short-term resistance defined as the two failed bounces in July. As we have noted, the primary objectives are to get above the July high, which marked a downward reversal off of some geopolitical hype and then the March high of 261.36.
For reference, let’s again take a look at the weekly…
If this rally holds up the red dotted trend line would be broken and so the green up channel would take over from the red down channel.
Just an FYI snapshot for you to consider. An already constructive picture is continuing to improve. It would be key to the prospect of a new uptrend for this fledgling break to hold up. If it does we would be transitioning from bottoming management to trend management. 261.36 is a key marker in that regard as it would set a higher high.
