NUGT Hits Top of T1 zone for a quick 20% gain

The top of the T1 zone on the NUGT/GDX trade has been hit, providing a 20% gain on NUGT in under 1 full trading session. As the odds of a reaction off this level are quite elevated, consider booking partial or full profits and/or raising stops. One other option for those holding out for T2 would be to let the position ride with a trailing stop in place. As GDX/NUGT could just pause around the top of this target zone briefly before powering up thru that resistance level, a tight trailing stop would keep you in the trade yet minimize any give-back in profits if the stop is triggered. Obviously, the tighter the stop, the higher the chances of having it clipped on a pullback.

GDX 60 minute 3 Nov 19th

GDX 60 minute 3 Nov 19th


For those holding out for T2 or those that have booked profits & are looking to re-position on a pullback, the most likely pullback targets are the bottom of the T1 zone, then the bottom top & bottom of today's gap. The official stop for the NUGT long trade will now be moved up to any move below 24.25 (slightly below yesterday's close).

2017-03-08T21:20:09+00:00 Nov 19, 2015 12:10pm|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |Comments Off on NUGT Hits Top of T1 zone for a quick 20% gain