Don't Ignore This Chart!

Gold Miners ETF Forms Big Bearish Engulfing

 | 
The Gold Miners ETF (GDX) came under intense selling pressure earlier this week with a bearish engulfing and short-term support break. These two down days occurred on high volume. Also notice that the ETF is hitting resistance from the highs extending back to late April.

130830gdx
Click this image for a live chart
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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus