NFTRH+; weekly chart rationale about why this will be important support

In NFTRH 742 we noted the following with respect to HUI’s daily chart support equating to a gap fill by GDX below 29…

That would roughly equate to HUI in 230-240 area, which itself equates to the former resistance, now support shown in the first monthly chart above. If I am correct in calling this the 5th leg of a bull market then the 230 area should hold as support.

We reviewed the daily and monthly chart situations. Here is a weekly chart of HUI showing that this area (235 +/-) is also long-term support with multiple touch points from above and below.

Again, there is no rule that says HUI has to pull back to support any time soon, but it is a very viable prospect (in my opinion) and if/as the macro fundamentals remain constructive (today’s broad market negativity is not hurting that prospect at all) then that would be a general buy/add opportunity (with a stop loss to suit risk tolerance below 230).