Don't Ignore This Chart!

Gold Miners ETF Forms Big Bad Bullish Engulfing

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The Gold Miners ETF (GDX) opened weak with a print below 53, but then recovered with a high volume rally and close near 55. Overall, Thursday's long white candlestick engulfed the prior four candlesticks. At the very least, this establishes support with Thursday's low. Follow through would confirm the pattern and argue for a move above the early February high.

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Arthur Hill
About the author: , 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. Learn More
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