Just for a different perspective, here is what is going on with the GDX 60 min. chart today. Clicking the chart will give a nice, big view.
A gap from January was filled on the recent downside near our favored target of 20 (former resistance, now support). Further, GDX broke the upper trend line of a wedge-like thing and is above a moving average that has resisted it in February. Up volume has been greater than down volume and all volume has been diminishing, which is what a bullish consolidation would do.
Please keep in mind this is a 60 minute view and these things are notoriously unreliable, being such short-term tools as they are. But the perspective part is that if we are to anticipate a bounce in the sector, the 60 min. view says so far so good and there is even a gap up at 22.50 that could fill if it continues to firm.
