SSRI is now approaching the previously highlighted support area. SSRI was most recently added back as a new long entry and/or setup on Thursday with my plan being to take a partial position and only adding if prices broke above the pattern or continued lower towards the highlight support level. I did add another fractional lot yesterday and as soon as I finish this post, will add one final lot here with a stop below 6.27 for the entire position. The primary reason that I have continued to add to the position is that GDX as well as the other trade ideas posted along with SSRI on Thurday (GLD, SLV, SIL & AVL) have all held up since then. Had the mining sector and the metals continued to fall well below support, I would have decided not to add to the SSRI starter position or any of those related trades. Targets are still TBD as the stock has yet to bottom.
As far as the GDX & SIL, they are trading slight above & below (respectively) the entry levels posted last week so I don’t plan to update those charts until something changes from a technical perspective. The AVL long setup that was also posted on Thursday did trigger an entry yesterday on a solid breakout on above average volume yesterday and so far today, came within one cent of the first price target, up as much as 10% from the breakout price yesterday, before falling back somewhat today. I will follow up with AVL in a separate post.