XMM (Metals & Mining) Monthly Chart Analysis.

Although it looked promising intra month, bullish short term pivot point reversal did not happen EOM. An outside bar on the other hand  suggesting a temporary halt to the current downtrend with XMM . May be a preliminary support of some sort at least for now.

We may on the other hand see a complex pivot point reversal completion over the next month or two. What I am looking for is a higher high close than the high achieved in January. High for January was 1655.40 according to my charting software with XMM.Therefore 1656 EOM Close is what we should look for over the next month or two should the technical stance of the miners improve.

Gold sector (XGD) had been the standout from within our broader market. Financials sector still in it’s major downtrend with no signs of any short term bullish reversal as of this writing.

XMM Monthly Chart below with failure to confirm a bullish short term EOM pivot point reversal.

Safe charting.

xmmmonthly29022016

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