The Gold Miners ETF (GDX) is making waves with an oversold bounce off support the last two days. The ETF briefly broke below its June low on Tuesday, but recovered with the rest of the market and filled the gap with a strong close. Also notice that RSI moved below 30 (oversold) and bounced.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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