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GDX At Support, Objective Entry or Add-on

GDX (Gold Miners ETF) just kissed the bottom of the 60-min symmetrical triangle pattern. Although a brief break below is quite likely, a GDX long entry here with a stop below 18.70 (to allow for a brief whipsaw break below the pattern) offers an objective entry with a nice R/R. Upside price target remain R2 - R4 (resistance levels).

GDX 60 minute April 22nd

GDX 60 minute April 22nd

 

Should GDX break below the 60-min triangle pattern, it will likely prove to be a fake-out (false breakdown). This alternative uptrend line (yellow) and/or any of the horizontal lines are likely to act as support with GDX reversing to the upside.

GDX 15 minute April 22nd

GDX 15 minute April 22nd

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Apr 22, 2015 10:43am|Categories: Gold & Commodities, Long-Term Trades- Completed|Tags: , , |Comments Off on GDX At Support, Objective Entry or Add-on