It looks like HUI is dropping back into its big picture handle (daily chart downtrend channel) unless it puts an end of day tail on that candle and closes above the late April low.
Either way it’s very oversold. But oversold does not mean ready to bounce. It is still considered at support but I want to see that tick to a lower low erased if I want to be bullish. Well, if the cyclical macro falls apart I’ll get bullish almost for sure at some point but in this case I am talking short-term.
If it breaks down here we could have a flash of glory shortly thereafter and a full clean out of the bugs. Reversals often come from events like that, aka capitulation.
