GDX.NYSE Hourly Chart Re Visited 10/12/2016.

This NYSE listed Gold Miners ETF is still stuck in a trading range in its hourly chart. If I visit the next higher time frame Daily Chart ( not shown), the major trend is down, favouring a potential redistribution pattern trading range in the hourly. But, is it ? Until a decisive upside breakout or a breakdown with a follow through, which holds, no way of knowing which way any trading range may resolve itself. As chart readers, we may put all the weight of evidence on the table and let the price action guide us.

Lets look at the weight of evidence with GDX.NYSE now. Next higher time frame daily favouring a re distribution pattern which we should be mindful of. How about the trading range itself which we are analysing ? Looking at the last leg down, within the trading range, sellers are in control but lost commitment at the last two bars. OBV at the bottom window, despite the price action registering new lows is flat and there is no breakdown. Class B divergence which may be read as some positive bias favouring bulls.  

I will not guess as to which way the price action may be headed but wait for it to guide me, UP, DOWN or continue further in a trading range.



All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.



Comments are closed.