Coming Back To Resistance

Less than seven trading hours after this update, the miners (GDXJ) imploded:

Price action collapsed -6.41%, in a single day.

Now, it’s early in the session (10:57 a.m., EST) and the Juniors have come back up to test that breakdown.

Junior Miners GDXJ, Daily

Along with the upside test, we have a trading channel that’s clearly defined.

Even as this post is being created, price action is pulling back from the test, adding confirmation to the channel.

Typical short trading vehicles for the miners are DUST and JDST for Seniors and Juniors respectively (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279