Daily technicals with no cluttering fundamental or sentiment commentary.
HUI hit resistance above 240 in the form of the neckline to a pattern that could actually prove bullish. I have been thinking at least the first gap may fill but so far, it’s not happening. The pattern, which some would call an Inverted H&S (bullish reversal) is actually a consolidation of some kind with a bullish look to it. If it were to play out that way it measures to around 275.
GDX is very similar, but GDXJ seems to be flying a small bull flag.
I have also seen interesting consolidations on items as diverse as miner NGD and Royalty company SAND.
NGD is flagging to fill the gap.
I reluctantly unloaded SAND on the big pop (amid cash raising) and bought it back today on the big drop. That’s not talent, it’s luck. It is back to around where it would be if it were still consolidating within the 2nd flag. Over bought eliminated and it is at or just above what could be a strong support area.
Just some perspective on the daily situation in some of these items as they stand now. The markets have gone woogly, but that does not mean we cannot calmly review situations along the way. What I see above, going just by the daily technicals, is a situation that is still in a bullish trend despite some knock downs today as the broad market bounces. If/when that changes, we’ll note it.