alice

NFTRH; Miner Support Levels Reviewed

GDX has hit the first level of support we had defined as the 50 day moving averages.  This after the breakdown from the daily bear flags we noted a couple days ago.  The next support, should the correction go deeper, is the 50% Fib retrace, gap fill and lateral support cluster at 19-20.  These are the straight up daily technicals with no fundamental discussion clouding the issue.

gdx

The current level coincides with the important HUI 200-211 support area we have reviewed by weekly charts.  So it is actually a very important level.

hui

Just another perspective update to try to give us a sensible view, technically.  HUI dipped below 200 and popped back above as of now.  A hold of that support continues to target 251, as improbable as it may seem right now.  But the risks of a good sized correction have grown in the last few days as the bear flags formed and then broke down on increasing volume.