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.
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Click this image for a live chart
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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