Tuesday, 24 June 2014

GDX - big bearish reversal

With the main equity market seeing a late afternoon reversal, the mining stocks were especially hard hit. The miner ETF of GDX swung from $26.53 to settle lower by -3.3% @ $25.41. There is viable downside to the $25.00/24.75 zone, before the broader up trend resumes.



A rather classic bearish engulfing reversal candle on the daily charts.

Certainly, it bodes for at least a little more lower tomorrow/Thursday.

However, the recent trend/break is indeed far more important, and it looks like GDX will be making a challenge for the big $30 by mid July.